Forever 21, Teen-Focused Retailer, Files for Bankruptcy


Fast fashion retailer Forever 21 Inc. filed for bankruptcy protection on Sunday and said it planned to close hundreds of stores, the latest casualty of shifting shopping habits.

The closely held company, which has 800 stores world-wide, has been facing a cash crunch and preparing for a bankruptcy filing, The Wall Street Journal reported recently. The chain has secured $350 million in financing to fund its restructuring.


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