Forever 21 to close hundred stores to prevent going bankrupt
Forever 21 is struggling with dire financial problems, after growing rapidly in a short time. The company would now like to apply for a moratorium via a so-called Chapter 11 procedure. This enables companies to keep running while they set up a rescue plan. Forever 21 would need around $ 75 million for his rescue, among other things.
Forever 21 itself does not comment. The company previously denied a message from The Wall Street Journal that the chain would like to file for bankruptcy next Sunday.
In total, Forever 21 has more than eight hundred stores in the United States, Europe, Asia and Latin America. The chain is best known for relatively cheap fashion items for young people.
The flagship store of Forever 21 in Amsterdam closed its doors in January 2018. The store had not been there for four years. The building now houses a branch of the Japanese clothing chain Uniqlo.