Fashion chain Forever 21 files for bankruptcy. More here:
- Fashion retailer Forever 21 Inc filed for bankruptcy on Sunday, as it joined a growing list of brick-and-mortar players who have succumbed to the onslaught of e-commerce companies such as Amazon.com Inc .
Since the start of 2017, more than 20 U.S. retailers, including Sears Holdings Corp and Toys ‘R’ Us, have filed for bankruptcy as more customers shop online and eschew large malls. “We have requested approval to close up to 178 stores across the U.S. The decisions as to which domestic stores will be closing are ongoing, pending the outcome of continued conversations with landlords,” the company said in an email statement.The company plans to close most of its stores in Asia and Europe. However, it does not expect to exit any major markets in the United States.
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