Forever 21 has gone bankrupt.
Looks like FOrever 21 has bigger fish to fry than an Ariana Grande lawsuit.
The fast-fashion giant has ficially filed for Chapter 11 bankruptcy in the United States.
In a letter addressed to customers Sunday, the retailer details that it would be filing for bankruptcy in order to “to continue to operate its stores as usual, while the Company takes positive steps to reorganize the business.”
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It revealed that while business would continue as usual, a number stores would be closing down as they attempt to become a pritable company again.
“The decisions as to which domestic stores will be closing are ongoing, pending the outcome continued conversations with landlords. We do however expect a significant number these stores will remain open and operate as usual, and we do not expect to exit any major markets in the U.S.,” write the company. “We are confident this is the right path for the long-term health our business. Once we complete a reorganization, Forever 21 will be a stronger, more ble company that is better positioned to prosper for years to come. We look forward to continuing to provide you with the great service and curated assortment merchandise that you expect from us.”
Forever 21 is only the latest major mall retailer to suffer the repercussions an increasingly digital society as shoppers continue to pick the online shopping experience over the traditional mall trek.