Forever 21 Files for Bankruptcy
Fashion retailer Forever 21 wrote a letter to all of their loyal fans saying they have voluntarily filed for bankruptcy.
Forever 21 Inc. applied for bankruptcy as part of a Chapter 11 filing. The company claims that this step will mean that they can operate a business, as usual, all while trying to restructure the business.
The California-based store reassured its loyal customers that this filing does not mean that they will be going out of business. "Most importantly, our stores are open and it will continue to feel like a normal day – you will not see any changes in our stores, gift cards will continue to be accepted, and our policies, including returns and exchanges, remain the same."
The letter did mention the possibility of them closing Forever 21's throughout the nation. "As part of our filing, we have requested approval to close a number of stores across the U.S. The decisions as to which domestic stores will be closing are ongoing, pending the outcome of continued conversations with landlords."