Forever 21, Inc., a Lincoln Heights-based clothing chain, Sunday filed for bankruptcy protection under chapter 11 of the U.S. Bankruptcy Code.
This filing will enable Forever 21 to continue to operate its stores as usual, while the Company takes steps to reorganize the business so it can return to profitability, the company said in a statement publicly released.
The company emphasized that it is not going out of business and filing for bankruptcy protection was a “deliberate and decisive step to put us on a successful track for the future.”
The firm also stated that all of its stores remain open as of now.
However, they have requested approval to close a number of stores across the U.S.
Which stores the company will close were “pending the outcome of continued conversations with landlords. We do expect a significant number of these stores will remain open and operate as usual, and we do not expect to exit any major markets in the U.S.,” the company stated.
Once the company completes its reorganization, “Forever 21 will be a stronger, more viable company that is better positioned to prosper for years to come,” the statement said.
Those with questions about products, warranties or rewards can contact the company at 1-888-494-3837.
Questions regarding the Company’s restructuring process, can be answered at their restructuring website at cases.primeclerk.com/forever21/, or by calling 1-877-510-9565.
>> Want to read more stories like this? Get our Free Daily Newsletters Here!Follow us: