Fashion retailer Forever 21 has filed for bankruptcy protection for a second time.
The company plans to close all its U.S. stores amid competition from online retailers such as Amazon and Temu.
Forever 21 is set to close all stores in the U.S. after filing for bankruptcy for a second time. pic.twitter.com/SGvyC2t5Do
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“While we have evaluated all options to best position the company for the future, we have been unable to find a sustainable path forward, given competition from foreign fast fashion companies, which have been able to take advantage of the de minimis exemption to undercut our brand on pricing and margin,” Chief Financial Officer Brad Sell said in a statement, according to the Associated Press.
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