Forever 21 has filed for Chapter 11 bankruptcy protection in the US. The fashion retailer said it plans to “exit most of its international locations in Asia and Europe” but would continue to operate in Mexico and Latin America. It expects to close up to 350 stores worldwide. After the bankruptcy process, the retailer is likely to have between 450 and 500 shops, down from its current total of about 800. Forever 21 was founded in 1984 by husband and wife Do Won and Jin Sook Chang, Korean immigrants to the US who opened their first store in Los Angeles.
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