Giant fashion retailer, Forever 21 seems to be going through the most and having it hard this time.
The company has gone on to file for Chapter 11 bankruptcy protection in the US.
Furthermore, the company plans to close down in Asia and Europe, with about 350 stores expected to close worldwide. Like any other giant retailer, they getting a tough fight with the rising trend of online shopping.
Chapter 11 protection postpones a US company’s obligations to its creditors, giving it time to reorganise its debts or sell parts of the business.
A Forever 21 spokesperson said the retailer expected to have between 450 and 500 stores globally after this process, down from its current total of about 800.
Forever 21 is known for its premium and trendy fashion, competing with the likes of Zara and H&M.
Their chain in South Africa is still not that huge, with only a few stores in Canal Walk, Sandton City and Mall of Africa.