ATLANTA — Forever 21 has filed for bankruptcy protection for a second time and plans to close down its U.S. business as traffic in U.S. shopping malls fades and competition from online retailers like Amazon, Temu and Shein intensifies.
Forever 21 joined other retailers recently, filing for Chapter 11 bankruptcy protection or liquidating. These retailers are facing slowed consumer spending and rising operating costs due to inflation.
As a result, stores in the U.S. will hold liquidation sales, and the website will continue to operate while the business winds down. Other licensees run the retailer’s locations outside the U.S. and are not included in the bankruptcy filing…