Forever 21 Files for Bankruptcy Protection

CKTB - NEWS - Forever 21

Low-price fashion chain Forever 21 has filed for Chapter 11 bankruptcy protection.

The privately held company based in Los Angeles once had more than 800 stores in 57 countries.

The retailer said Sunday it will close up to 178 of its 500 U-S stores, and it's believed all 44 Canadian stores will be shuttered. Forever 21 has a location at Devonshire Mall in Windsor.

Forever 21 joins Barneys New York and Diesel USA in a growing list of retailers seeking bankruptcy protection as they battle online competitors.

Forever 21 was founded in 1984.