After much speculation on the future of Forever 21, the fast fashion brand announced it has filed for Chapter 11 bankruptcy. In a letter to customers, the brand emphasized they’re not going out of business and that this is “a deliberate and decisive step to put us on a successful track for the future.”
This is in line with previous reports that Forever 21 is working with advisers about financing and restructuring their brand. Despite saying it’s not stopping operations, a spokesperson told Business Insider that Forever 21 is closing most of its international stores in Asia and Europe. Their stores in the US, Mexico, and South America will not be affected.
There’s no official announcement about which countries will be affected by the store closures, but don’t be surprised if the Philippines will be one of them. We’ll keep you posted once we get updates.
So, is it time to say good-bye to Forever 21’s Philippine stores?
[Business Insider]
Photo courtesy of @glam.fashion.luxury’s Instagram account
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