California-based fashion retailer Forever 21 has officially filed for bankruptcy on September 29 (September 30 Philippine time).
According to a report on CNN Business, the company is planning "close up to 178 of its more than 800" of its US stores, however, it won't be completely pulling out of the market. There is currently no news of whether or not it will affect any of its Philippine stores.
Forever 21 was founded in the 1980s by South Korean US immigrants Don Won Chang and his wife Jin Sook. Locally, it ran a huge sale the past weekend in SM Megamall's Megatrade Hall, and will be having another this October in SMX Pasay.