Forever 21 has filed for bankruptcy and says it will file a motion to close up to 178 of its more than 800 stores
The chain said it will file a motion to close up to 178 of its more than 800 stores, though it said in a letter to customers that"the decisions as to which domestic stores will be closing are ongoing, pending the outcome of continued conversations with landlords.""We do however expect a significant number of these stores will remain open and operate as usual, and we do not expect to exit any major markets in the U.S.," the company said.
Forever 21 was founded in 1984 in a small Los Angeles store by South Korean immigrants Do Won Chang and his wife, Jin Sook. The chain expanded quickly in suburban malls, and catering to young girls and women with a mix of inexpensive basics. The company perfected the fast-fashion model, drawing in customers with its frequently updated mix of clothes than what was offered at department stores or single brands. "We get new merchandise in every day.
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