Forever 21 is The Latest Chain to File For Bankruptcy
Is it just me or are malls and shopping centers slowly but surely getting more and more empty? The latest to join the big-chain graveyard is Forever 21.
ABC7 details -
Low-price fashion chain Forever 21, a one-time hot destination for teen shoppers that fell victim to its own rapid expansion and changing consumer tastes, has filed for Chapter 11 bankruptcy protection.
The privately held company based in Los Angeles says it will close up to 178 stores. The company once had more than 800 stores in 57 countries.
Forever 21 joins Barneys New York and Diesel USA in a growing list of retailers seeking bankruptcy protection as they battle online competitors.
In their letter to their customers Forever 21 said -
This does NOT mean that we are going out of business – on the contrary, filing for bankruptcy protection is a deliberate and decisive step to put us on a successful track for the future.
They also said -
we do not expect to exit any major markets in the U.S. Please visit our store locator. to find the most up to date store list, and of course, you can always find all of your favorite merchandise at www.forever21.com.
And when I checked the locator for Rockford it isn't showing up. So I'm not sure what the means! But like they said, you can always shop online.