Forever 21 Files for Bankruptcy with Store Closings to Follow
Forever 21 filed for bankruptcy protection and have plans to close around 178 U.S.stores. Teenagers in the tri-state are hoping Evansville won't close any time soon.
As Forever 21 voluntarily filed for Chapter 11 bankruptcy protection, the company put out a letter on Sunday to let customers know that they aren't going out of business.
In the letter the company said, "Essentially this allows Forever 21 to continue to operate its stores as usual, while the Company takes positive steps to reorganize the business so we can return to profitability and refocus on delivering incredible styles and fashion you love for many years to come. This does NOT mean that we are going out of business – on the contrary, filing for bankruptcy protection is a deliberate and decisive step to put us on a successful track for the future."
The company went on to add, "We are confident this is the right path for the long-term health of our business. Once we complete a reorganization, Forever 21 will be a stronger, more viable company that is better positioned to prosper for years to come. We look forward to continuing to provide you with the great service and curated assortment of merchandise that you expect from us."
"The decisions as to which domestic stores will be closing are ongoing, pending the outcome of continued conversations with landlords."
For the time being, it looks as though your teenager can still go shopping for those trendy fashions at a Forever 21 near you.
SOURCES: CNN Business and Forever 21