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.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Today's political cartoons - November 24, 2024Cartoons Sunday's cartoons - taped bananas, flying monkeys, and more
-
The Spanish cop, 20 million euros and 13 tonnes of cocaineIn the Spotlight Óscar Sánchez Gil, Chief Inspector of Spain's Economic and Tax Crimes Unit, has been arrested for drug trafficking
-
5 hilarious cartoons about the rise and fall of Matt GaetzCartoons Artists take on age brackets, backbiting, and more
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
