It looks as though the ill-named Forever 21 will be shuttering some stores, as it charts its way through murky financial waters.
The Los Angeles-based retailer announced it has filed for Chapter 11 bankruptcy in a letter to customers Sunday. The letter made it clear that the clothier was not going out of business, but filed for bankruptcy protection as a “deliberate and decisive step to put us on a successful track for the future.”
“We are confident this is the right path for the long-term health of our business,” Forever 21 said in the letter to customers. “Once we complete a reorganization, Forever 21 will be a stronger, more viable company that is better positioned to prosper for years to come.”
Read more at PATCH.
{Matzav.com}