The company announced it was filing for Chapter 11 bankruptcy.
"This was an important and necessary step to secure the future of our Company, which will enable us to reorganize our business and reposition Forever 21," Linda Chang, executive vice president of Forever 21 , said in aAs part of this restructuring, Forever 21 "plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America," per a press release.
, the company requested approval to close as many as 350 stores globally, with up to 178 being in the U.S. Its e-commerce operation will go on as usual, though."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.
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