All told, the retailer employs about 6,400 full-time and 26,400 part-time workers, court papers show. Forever 21 said it expects to exit most of its outlets in Asia and Europe, and it will shut all of its 44 Canadian stores that provide about 2,000 jobs, according to company statements.
(Oct 1): Forever 21 Inc. filed for bankruptcy, joining the growing list of fashion retailers felled by heavy competition, high rents and the defection of shoppers to online outlets.
Plans include cutting at least 178 domestic outlets from Forever 21’s approximately 800 stores, after a disastrous expansion outside the US. The Chapter 11 court filing on Sunday allows Forever 21 to keep operating while it works out a strategy to pay its creditors and turn the business around.
