Los Angeles, CA – Fast fashion giant Forever 21 has filed for bankruptcy for the second time in nearly six years, announcing late Sunday it is “winding down” its U.S. operations. The retailer, headquartered in Los Angeles, began liquidation sales at all U.S. locations nearly a month ago.
According to Chief Financial Officer Brad Sell, foreign fast fashion companies exploiting the de minimis exemption have made it difficult for Forever 21 to remain competitive.
Liquidation sales started in mid-February for 236 struggling stores set to close by March 30, while the remaining 118 locations will shutter before May 1. Gift cards will be accepted through April 15.…