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Joe Winner

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SYDNEY, AUSTRALIA - JUNE 10: Cheerleaders pose at the opening of the 'FOREVER 21' flagship store on Pitt Street on June 10, 2015 in Sydney, Australia. (Photo by Cameron Spencer/Getty Images)

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.