Fast-fashion staple Forever 21 files for bankruptcy again
F21 OpCo, operator of the low-cost clothing brand, says stores will remain open while it begins winding down operations.
The U.S. operator of Forever 21 has filed for Chapter 11 bankruptcy, bringing the brand that helped pioneer the low-price, on-trend retail model of fast fashion closer to shutting down hundreds of stores across the country.
A shopping mall staple throughout the 2010s, Forever 21 has struggled to keep up with shifting tastes among younger consumers, the rise of e-commerce and increasing global competition. Sunday’s filing marks the second time in six years the retailer has sought bankruptcy protection.
Forever 21’s website and stores will remain open while the company begins winding down operations and seeks a buyer for some or all of its assets, its operator said in a statement late Sunday. Court filings stated that stores had been directed to host liquidation sales of remaining stock. The brand’s international stores are not affected.
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