Forever 21 has filed for Chapter 11 bankruptcy protection to restructure its business. This Sunday, the fast-fashion retailer said that it planned to shut up to 350 of its 800 stores around the world as part of the restructure, the Financial Times reports.
According to court documents, the retailer lists both assets and liabilities between $1 billion to $10 billion. Moving forward, Forever 21 will focus on its “profitable core,” maintaining a presence in the US cities as well as Mexico and Latin America. Most of the store closures will happen in its international locations in Asia and Europe.
Forever 21 joins a growing list of retailers, including Barney's New York, who have been forced to file for Chapter 11 bankruptcy protection this year.