Forever 21, the teenage clothing emporium in the US shopping center has filed for Chapter 11 bankruptcy on Sunday.
The chain said it plans to overhaul its global operations and close some stores in the United States and withdraw from “most of its international locations in Asia and Europe.” The company has 800 stores worldwide and will continue to operate in Mexico and Latin America.
In a letter to customers, the company said that the decision to close which US stores is still going on. They also expect many of these stores to remain open in the US markets.