'Retail Apocalypse Continues': Forever 21 Files For Bankruptcy, 30,000 Jobs At Risk

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•Sep 30, 2019

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Following reports earlier this month that a bankruptcy for the fast-fashion pioneer was imminent, Forever 21 filed for Chapter 11 protection in Delaware Sunday night, becoming the latest brick-and-mortar retailer to succumb to the Amazon-driven 'retail apocalypse', Bloomberg reports.

In addition to the competition from e-commerce retailers, BBG said Forever 21 struggled with high rents and heavy competition from other fast-fashion rivals (like H&M and Zara).

Court papers show Forever 21 has estimated liabilities (on a consolidated basis) of between $1 billion and $10 billion. Thanks to Chapter 11 protection, Forever 21 will continue operating as it works out a plan to pay back all of its creditors. 

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