Panic At Forever 21: Stores In Asia May Shut Down Amid Bankruptcy

What once everyone’s shopping haven will be declaring bankruptcy. On Sunday, Forever 21 said it will close up to 178 stores in the United States and plans to also close most of its locations in Asia and Europe. Oh no, that’s bad news for fans of the fashion brand!

The iconic teen brand that was founded in 1984 and has since operated 800 stores globally, would file for Chapter 11 bankruptcy. This comes after getting hit with low online sales, online competition and changing consumer tastes.

Forever 21 CEO and founder Do Won Chang told stores in an email on Sept. 12, “Any potential paths we are considering are meant to strengthen Forever 21 and does NOT mean Forever 21 is going out of business.”

“We will continue to operate, providing customers with great service and the curated merchandise they love and expect from Forever 21.”

“The decisions as to which domestic stores will be closing are ongoing, pending the outcome of continued conversations with landlords,” it said in the statement.

“We do, however, expect a significant number of these stores will remain open and operate as usual, and we do not expect to exit any major markets in the U.S.”

But was this a surprise? Probably not. The fast-fashion brand has fallen out of style over the last year and with the clothing price hiked, customers are spending their money on pocket-friendly brands and even resorting to bundle-shopping.

So ladies, go get that favorite top from Forever 21 before it’s too late!