Forever 21 Has Filed For BankruptcyWochit Business
Fast-fashion retailer Forever 21 Inc. filed for bankruptcy late on Sunday. The retailer has been struggling to stay afloat following a failed attempt to restructure its debt. Forever 21 which has 815 stores in 57 countries, will be closing 350 stores across the globe. According to Business Insider, the company will continue to operate in select locations and online. Cofounders Jin Sook and Do Won Chang hope restructuring will allow the company to focus on the core of its operations.