Yikes!
Before anybody freaks out, just know Forever 21 is not "going out of business". However, the massive retail brand has filed for Chapter 11 Bankruptcy protection and announced they'll be closing 178 stores nationwide.
This was an important and necessary step to secure the future of our Company, which will enable us to reorganize our business and reposition Forever 21 - Executive Vice President, Linda Chang
Our friends at People have the full story HERE.