Forever 21 files for bankruptcy and will close 350 stores
R.I.P. cheap tat
Fashion retailer Forever 21 has filed for voluntary bankruptcy. The retailer is going to be closing up to 350 of its stores worldwide, including up to 178 in the US.
A spokesman said the the bankruptcy filing is a "deliberate and decisive step to put us on a successful track for the future."
The Chapter 11 filing is known as a "reorganisation" bankruptcy, where the company will keep control of its assets while restructuring is carried out.
People have had mixed reactions, with some celebrating the news:
While others are sad to see their childhood store go through financial trouble:
Earlier this month Ariana Grande sued Forever 21 for $10 million in damages after she declined to work with the brand and they went ahead and used a lookalike in their campaigns instead.
In a complaint filed to the LA federal court, Ariana Grande's lawyers accused Forever 21 and beauty company Riley Rose (owned by daughters of Forever 21's founders) of trademark infringement.
The lawsuit was launched after Forever 21 and Riley Rose published at least 30 unauthorised pictures and videos of Ariana Grande that made it look like she had endorsed the brands.