Forever 21 Files for Bankruptcy

Forever 21 Files for Bankruptcy

Pour one out for all those polyester maxi dresses and cheap shoes, because Forever 21 has filed for bankruptcy. The New York Times reports the brand will close up to 178 stores in the United States, with a total of 350 stores closed.

But it’s not exactly the end of Forever 21. The brand will still operate stores in the United States, Mexico, and Latin America, as well as sell on its website, though it’s safe to say the mall staple will no longer be as ubiquitous as it once was. “We do want to make sure we get ahead of things and that we’re not just staying still while the consumers are changing,” the company’s vice president Linda Chang said of the bankruptcy.

The news of bankruptcy comes soon after an expensive lawsuit filed by Ariana Grande, alleging the company of stealing her image to sell products. In addition to being behind the times in terms of where increasingly eco-conscious young people shop for clothes (read: not malls anymore) Forever 21 also suffered a series of PR mishaps, including sending diet bars to customers and copying indie brands.

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