According to a letter posted on their website, the company filed for bankruptcy protection on Sunday, but stressed that, "this does NOT mean that we are going out of business," but will allow them to be on a successful track for the future. The letter said customers should not see changes in stores, gift cards will continue to be accepted, and other policies are still in effect.
The privately held company based in Los Angeles says it will close up to 178 stores in the US, and other globally. The company once had more than 800 stores in 57 countries.
The company indicated that decisions on which stores are closing have not been finalized, pending conversations with landlords.
Forever 21 joins Barneys New York and Diesel USA in a growing list of retailers seeking bankruptcy protection as they battle online competitors.
Forever 21 joins Barneys New York and Diesel USA in a growing list of retailers seeking bankruptcy protection as they battle online competitors.
Forever 21 has stores in Lexington, Louisville and Florence, Kentucky. There are also several stores in the Nashville and St. Louis areas.
