One of the Top Fashion Retailer Forever 21 is winding up operations from Europe and Asia. Planning to halt operations of approximately 350 stores globally. Established in 1978 in US in pursuit of offering economical women accessories against competitors such as H&M and Zara. From overall 800 it will decline to 450 outlets in USA.
It has filled up Chapter 11 protection postpones a US company’s obligations to its creditors, giving it time to reorganize its debts or sell parts of the business.
“This does not mean that we are leaving business – on the contrary, filing for bankruptcy protection is a deliberate and decisive step to put us on a successful track for the future.”