Forever 21 has filed for Chapter 11 Bankruptcy protection. They wrote a letter to customers explaining that they will close 178 stores in the United States, but filing for Bankruptcy will give them a chance to reorganize and become better than ever. Sources say they owe $1 Billion to 100,000 creditors. Ouch.
They say that all stores, for the time being, remain open and its business as usual. They don't expect to leave any major markets and are definitely not going out of business.
I'm a fan of Forever 21 for the fact that earlier this year, they began selling an exclusive line of Selena merchandise, including home decor items! I see quite a few people wearing the Selena clothing when i'm out and about, so clearly, people are shopping at Forever 21. Do them a favor, if you are a fan of the store, go shopping!!