Forever 21 has filed for Chapter 11 bankruptcy protection.
The privately held company said it would close up to 178 stores in the United States, and 350 stores worldwide. It operates about 800 stores globally, including more than 500 stores in the U.S.
"The decisions as to which domestic stores will be closing are ongoing, pending the outcome of continued conversations with landlords," Forever 21 said. "We do, however, 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."
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