Fast-fashion retailer Forever 21 filed for bankruptcy under Chapter 11 in Delaware, United States, after financial liabilities rose for the company, reported the news agency Bloomberg on Monday, March 17.
Forever 21 is a well-known brand worldwide that attracts young women and girls to shop for trendy and fashionable clothing for a decent price. The prices are lower than other global brands, but Indian fashion brands like Tata-owned Zudio still command the market share.
According to the agency report, Forever 21 filed for bankruptcy and listed its total assets and liabilities. The company has a total liability of $1 to $10 billion, while assets are only in the range of $100 to $500 million, as per the filings.
(This is a breaking story. The story will be updated soon)
