Forever 21, which is a fashion retailer and is mall-based and is aimed at teens and young adults, has filed for bankruptcy protection under Chapter 11 and joined a growing list of similar apparel outlets which have fallen prey to the market pressures from online competition.
The company which is based out of California might be on its way to closing 178 stores in the United States if court records are to be believed.
On Sunday Night, in a statement which it has issued to customers has said that the move for bankruptcy was necessary and now it can take steps for the reorganization of the company’s business so it can return again and turn out to be profitable.
The company’s executive vice president has in a statement said that the step is necessary and important for securing the company’s future which is going to enable to company in repositioning the brand.
The company has put stress on the fact that it is not going to go out of business as it added that the people who come for the purpose of shopping into the stores will be getting a shopping experience which is going to make it feel like just another day.
In records it has filed in the court, the company has detailed the possible closure of stores however put emphasis that there is no expectation to completely exit any of the major markets in United States.
The leaders of the company have also planned to keep the operations in Latin America and Mexico while it will shut down the stores in Europe and Asia. In future they also plan to maximize their U.S. footprint and shutting off a few international locations.
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