Forever 21 Files for Chapter 11 Bankruptcy
We are seeing more and more shopping retailers struggle with so many consumers now shifting toward online shopping. Now KTVB is reporting that the affordable clothing store Forever 21 has now filed for Chapter 11 bankruptcy protection.
The company is based out of Los Angeles and announced that they will be closing up to 178 stores. At one time the store had over 800 stores open in 57 countries.
The company is trying to spin the information into more of a restructuring plan and say they are still working on a local level with landlords. They expect and hope to see a significant number of stores to remain open and operate as usual.
This news is obviously concerning for employees and fans of the clothing store here in the Treasure Valley as there is a Forever 21 store open in Boise's Towne Square Mall. There is no word on whether that store will remain open or not. But if you're a fan keep a close eye on that store as clothing specials will probably be coming soon.