Forever 21 files for bankruptcy and will close all US locations
LOS ANGELES (WJET/WFXP) — Nearly one month after popular fast fashion brand Forever 21 began liquidation sales at its U.S. locations, the retailer has officially filed for bankruptcy for the second time in nearly six years, announcing it has begun “winding down” its U.S. operations. All locations have begun going-out-of-business sales and, along with its website, normal operations and sales will continue as the formal winding down process begins. Going-out-of-business sales began in mid-February for 236 locations (“Wave 1 locations”), which it says are the poorest-performing locations. These locations will close the week of March 30. The company says these locations are unlikely to draw interest from any buyers as part of the sale. The remaining 118 locations (“Wave 2 locations) will close before May 1. Gift cards will continue to be honored up until April 15. At its height, Forever 21 operated at least 800 locations worldwide, boasting $4 billion in annual sales and employing 43,000 people. However, after its first bankruptcy filing in 2019, that number plummeted to 500 locations worldwide. If the company does not find a buyer within the coming weeks