A retailer known for their mall locations has filed for Chapter 11 bankruptcy protection and plans to close stores.
Fashion and accessories store Forever 21 announced Sunday that they would be “taking positive steps to reorganize the business” in order to “return to profitability.”
Citing court records, NPR reported that California-based Forever 21 may close up 178 stores in America and more outside the country.
The California-based company may close up to 178 U.S. stores, according to court records.
“Most importantly, our stores are open and it will continue to feel like a normal day – you will not see any changes in our stores, gift cards will continue to be accepted, and our policies, including returns and exchanges, remain the same,” the company said in a statement.
CNBC reported that Montgomery Mall owner Simon Property Group is among the company’s biggest creditors and was the seventh-largest tenant across its properties.
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