Forever 21 Files Bankruptcy, Destiny and Sangertown Stores on Closure List
Another one bites the dust: after months of speculation, Forever 21 has filed for bankruptcy and announced plans to close stores.
Retailer Forever 21 - a part of the 'fast fashion' trend has been in seriously financial trouble for a while. Last week, those financial difficulties came to a head as the company filed for Chapter 11 bankruptcy protection.
The retailer currently operates 549 locations across the United States. Earlier this week, they submitted a list of 180 stores that could close, barring a renegotiation of lease terms with mall owners. Included on that list of their least profitable stores are locations in Sangertown Square and the Destiny USA store, which only recently re-opened.
As brick and mortar store struggle to compete with giants like Wal-Mart and online behemoth Amazon.com, thousands of stores have closed across the United States, with more anticipated in what's being termed the "retail apocalypse."
Several other retailers with a presence have announced plans to close stores in the coming months.