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Fashion chain Forever 21 files for bankruptcy

Video Credit: Reuters Studio - Duration: 00:56s - Published < > Embed
Fashion chain Forever 21 files for bankruptcy

Fashion chain Forever 21 files for bankruptcy

Fashion retailer Forever 21 filed for Chapter 11 bankruptcy on Sunday as it joined a growing list of brick-and-mortar players who have succumbed to the onslaught of e-commerce.

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Fashion chain Forever 21 files for bankruptcy

U.S. fashion retailer Forever 21 has filed for bankruptcy.

That adds the company to a growing list of brick-and-morter brands that have lost out in the competition with e-commerce.

Since the start of 2017 more than 20 American retailers including Sears and Toys 'R" Us have filed for bankruptcy protection.

Their customers are flipping to online retailers like Amazon.

According to a court filing Forever 21 said it had estimated liabilities between $1 to $10 billion dollars.

The company says its received hundreds of millions in funds to keep up business as usual.

However it says it plans to close most of its international locations in Asia and Europe.

Forever 21 will keep its operations open in Mexico and Latin America.

Last week, it said it would leave Japan- and close all 14 stores there by the end of October.




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