U.S. fashion retailer Forever 21 files for bankruptcy. More here:
- Fast-fashion retailer Forever 21 filed for bankruptcy late on Sunday, joining a growing list of brick-and-mortar companies that have seen sales hit by the rise of competition from online sellers like Amazon.com Inc and the changing fashion trends dictated by millennial shoppers.
Forever 21, which has 815 stores in 57 countries, said the restructuring will allow it to focus on the profitable core part of its operations and shut stores in some international locations.On its website on Monday, Forever 21 sales included tops that started at $3 and dresses, handbags and jewelry and pants for $20 and under.
Founded in 1984 and headquartered in Los Angeles, the apparel retailer said it will close most of its stores in Asia and Europe but would continue operations in Mexico and Latin America.
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