The fast-fashion retailer Forever 21 announced on Sunday night that it has filed for Chapter 11 bankruptcy.
There are more than 800 Forever 21 locations spread across 40 countries, and the company said it expects a "significant number of these stores will remain open and operate as usual, and we do not expect to exit any major markets in the U.S." Forever 21 was founded in Los Angeles in 1984 by a husband and wife, South Korean immigrants Do Won Chang and Jin Sook. They still own the company, which Forbes says employs 30,000 people and has annual sales of $3.4 billion.
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