Forever 21 to file for bankruptcy and set to close 350 stores worldwide
The company has stated that it plans to "exit most international locations in Asia and Europe".
Fashion retailer Forever 21 has formally announced that it will be filing for Chapter 11 bankruptcy protection in the United States.
The firm also announced that it will be closing between 450 and 500 of its 800 stores worldwide, with plans to exit most locations in Asia and Europe.
A spokesperson for the company, which previously shut down their Dublin store in the Jervis Shopping Centre, stated (via BBC News): "This does not mean that we are going out of business - on the contrary, filing for bankruptcy protection is a deliberate and decisive step to put us on a successful track for the future."
Chapter 11 protection postpones a US company's obligations to its creditors, giving it time to reorganise its debts or sell parts of the business.
With the continuing trend away from in-store purchases, and more and more customers shopping online, Forever 21 is just the latest victim to changing tastes, which includes outlets such as Debenhams and HMV closing some or all of their physical branches.