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Forever 21 Goes Bust Adding More Stores to Retail Apocalypse
- Fast-fashion chain squeezed by heavy competition, high costs
- Ill-fated international expansion offset strength in U.S.
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Forever 21 Inc. filed for bankruptcy, joining the growing list of fashion retailers felled by heavy competition, high rents and the defection of shoppers to online outlets.
Plans include cutting at least 178 domestic outlets from Forever 21’s approximately 800 stores, after a disastrous expansion outside the U.S. The Chapter 11 court filing on Sunday allows Forever 21 to keep operating while it works out a strategy to pay its creditors and turn the business around.