STATEN ISLAND, N.Y. — Trendy fast-fashion retailer Forever 21 officially filed for bankruptcy on Sunday and has announced it will soon close all stores.
In a statement, Forever 21 operator F21 said it will “implement an orderly wind down of its U.S. businesses,” though stores and the chain’s website remain open for now.
“While we have evaluated all options to best position the company for the future, we have been unable to find a sustainable path forward, given competition from foreign fast-fashion companies … pricing and margin, as well as rising costs, economic challenges impacting our core customers, and evolving consumer trends,” Brad Sell, chief financial officer of F21 OpCo, noted in a press release. “As we move through the process, we will work diligently to minimize the impact on our employees, customers, vendors and other stakeholders.”…