On Sunday, Forever 21 officially filed for Chapter 11 bankruptcy protection:
Author:Dhani MauUpdated:Sep 30, 2019Original:Sep 30, 2019On Sunday, Forever 21 officially filed for Chapter 11 bankruptcy protection. It was not the most surprising of the many recent retail bankruptcies: There had been lots of speculation over the past few months that it would happen, and in June, the company hired restructuring advisors.
Store closures are inevitable, though. According to the New York Times, it will close 178 in the U.S. alone, and 350 overall, and it will also cease operations in 40 countries, including Canada and Japan. Riley Rose, the beauty offshoot it launched 2017, is also reportedly likely to close or be folded into existing Forever 21 stores.
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