'This does NOT mean that we are going out of business.'
Last night Forever 21 filed for Chapter 11 bankruptcy. In a letter addressed to customers, dated September 29, the brand said that the filing will enable Forever 21 to continue to operate"as usual" while the company"takes positive steps to reorganize the business so we can return to profitability and refocus on delivering incredible styles and fashion you love for many years to come.
As part of the filing, the brand has requested approval to close many stores throughout the U.S.:"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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