We’ve been hearing rumors for a while and it finally happened. Forever 21 has officially filed for bankruptcy protection. They will cease operation in 40 countries and will close 178 stores in the U.S. A total 350 stores will be closed.
Forever 21 currently employs over 32,000 people and with increasing competition their revenue has dropped to $3.3 billion last year compared to $4.4 billion in 2016.
Forever 21 is filing for bankruptcy. The fast fashion retailer announced it will cease operations in 40 countries and close up to 178 stores in the US. https://t.co/ypmT7bIQBV— The New York Times (@nytimes) September 30, 2019