Forever 21 declares bankruptcy amid competitive market

 

US fashion-retailer Forever 21 gears up for a permanent shutdown as it files for Chapter 11

orever 21 took a huge step to complete closure in the US after the company filed for bankruptcy.

As reported by BBC, the firm shared in a statement that its stores and website in the US will remain open till the company proceed its liquidation process.

With the rise of popularity of online shopping and high prices, Forever 21 has been struggling to attract customers for quite a while.

The company first filed for bankruptcy protection in 2019 but a group of investors ended up buying it through a joint venture.