California based clothing retailer which gave a boost to the popularity of fast fashion has filed for bankruptcy. The brand spokesperson had said on Sunday that they would be filing for bankruptcy.
Forever 21, capped months of speculation by saying that it would cease operations in 40 countries including Canada and Japan. The brand would close 178 stores in USA and 350 overall.
The brand would, however, continue to operate on the website.
The brand which once prided itself on embodying the American dream is now shutting shop, this comes as a reminder of how quickly things can change in the retail landscape.
Forever 21's revenue dropped to $3.3 billion last year as compared to $4.4 billion in 2016. The company employs 32,800 people at present as compared to 43,000 in 2016.
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