Forever 21 files for bankruptcy, to shut down 178 stores across US
Fashion retailer Forever 21 Inc has become the latest to join the long list of US retailers that have failed to compete with the e-commerce companies and have eventually shut down. The company filed for bankruptcy on Sunday and has sought approval to shut down 178 stores across the United States.
The company also said its Canadian subsidiary filed for bankruptcy and it plans to wind down the business, closing 44 stores in the country. Source - Reuters.