Sources close to the matter told Bloomberg that "a bankruptcy filing would help the company shed unprofitable stores and recapitalize the business." Forever 21 was founded in 1984 and rose to ...

Forever 21 sells men's and women's clothing and accessories ... the company filed for Chapter 11 Bankruptcy protection and announced it would be closing stores worldwide.

It expects to close up to 350 stores worldwide, a spokesperson said, including as many as 178 US stores. Forever 21 sells inexpensive, trendy clothes and accessories, and competes against brands ...