The popular clothing chain Forever 21 is applying for bankruptcy protection in the United States. During its heyday, the chain had over 800 stores in the US and stores in London, Brussels and Paris, among others.
The US clothing chain Forever 21 applies for bankruptcy protection in Delaware, USA, according to a so-called Chapter 11 procedure.
The application applies only to the US operations when other stores are run by independent licenses, writes the Wall Street Journal.
Forever 21 opened its first store in the 80s
During the process, both the chain’s trade and physical stores will be in operation.
Forever 21 opened its first store in the 1980s and during its heyday there were over 800 stores in the United States where they were seen as a competitor to GAP, Zara and H&M in the fixed fashion segment.
However, the pandemic hit hard against the chain and this is now the second time that you have undergoing a so-called Chapter 11 process.