Forever 21 has filed for Chapter 11 bankruptcy protection in Delaware, intending to close U.S. stores and conduct going-out-of-business sales. The brand is pursuing potential buyers to keep operations running rather than shutting down entirely. Similar to Joann's recent fate, the company faces stiff competition from low-cost rivals like Shein and Temu, alongside rising costs and shifting consumer habits. Despite the challenges, Forever 21 remains operational while selling off its inventory and engaging with prospective buyers for a possible sale to maintain some aspects of the business.
Forever 21 has filed for Chapter 11 bankruptcy protection for the second time, seeking a buyer in hopes of keeping parts of the business alive.
The retailer announced plans to close its U.S. stores while continuing to sell inventory, with the possibility of a going-concern transaction if a buyer is found.
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