Forever 21, the global fast fashion retailer has filed for bankruptcy, planning to exit international locations in Asia and Europe. The company continue to struggle against rising competition from online shops.
It was founded in 1984 and continues to expand to 815 stores in 57 countries. It was reported that the traditional retailers would exit Japan and close all 14 stores at the end of October and it will close 178 store stores around the U.S.
The company said it will focus on securing the future of the company and reposition Forever 21, however, it will continue operating in Mexico and Latin America.
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