The style brand "Forever 21" declares bankruptcy.
Forever 21 Inc. has petitioned for financial protection security on the grounds that the style brand has been not able withstand substantial rents and furious challenge.
Reports demonstrate that Forever 21 has liabilities of between $ 1 billion and $ 10 billion.
The court has permitted the Los Angeles-based organization to keep working until it finds an arrangement to reimburse its obligations and recoup.
The brand has been extremely famous among young people due to its reasonable plans and great looks, yet these buyers are currently inclining toward more brands.
Established in 1984, Everlastingly 21 has a sum of 815 stores in 57 nations. A week ago, the organization reported it would leave the Japanese market and close a sum of 14 stores there before the finish of October.
The organization intends to close most stores in Asia and Europe, however plans to work in Mexico and Latin America.