Fast-fashion retailer Forever 21 files for bankruptcy

Fast-fashion retailer Forever 21 filed for bankruptcy Monday. The retailer announced it will cease operations in 40 countries and closing between 300 and 350 stores, including as many as 178 in the United States.

Forever 21 is one of the main tenants of many shopping malls in the United States. Forever 21 will continue to operate its online store and hundreds of stores in the United States, but it will shut all of its 44 Canadian stores.

“We are confident this is the right path for the long-term health of our business. Once we complete a reorganization, Forever 21 will be a stronger, more viable company that is better positioned to prosper for years to come. We look forward to continuing to provide you with the great service and curated assortment of merchandise that you expect from us,” said the company in a letter to its customers.

According to the Devonshire Mall website, Forever 21 is hosting a clearance sale from September 26 to October 14.