Fashion retailer Forever 21 files for bankruptcy
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Fashion retailer Forever 21 Inc filed for Chapter 11 bankruptcy on Sunday as it joined a growing list of brick-and-mortar players who have succumbed to the onslaught of e-commerce.
Since the start of 2017, more than 20 U.S. retailers, including Sears Holdings Corp and Toys 'R' Us, have filed for bankruptcy as more customers shift to online retailers such as Amazon Inc.
The company lists both assets and liabilities in the range of $1 billion to $10 billion, according to the court filing in the U.S. Bankruptcy Court for the District of Delaware.
