Forever 21 files for bankruptcy

This one’s caught me by surprise, I hadn’t been paying much attention to the business but I’ve seen a lot of ads from them, which gave the impression that they were growing well.

They say that they’re not going out of business but they are closing 450 out of 500 stores, including 178 in the US.

I also assumed that they were already big players in online shopping but apparently it was their inability to compete with online retailers that’s caused a lot of their problems.

Forever 21 Files for Bankruptcy, Adding to Retail Apocalypse