Reported about 10 hours ago
Forever 21, the fast-fashion retailer, has filed for Chapter 11 bankruptcy for the second time in six years, citing declining mall traffic and increased online competition. With its trademarks and intellectual property potentially enduring under Authentic Brands Group, the company is set to conduct liquidation sales while keeping its U.S. stores open for now. Founded in 1984, Forever 21 once thrived but now faces significant liabilities estimated between $1 billion and $10 billion.
Source: YAHOO