Forever 21 Files Bankruptcy

According to Yahoo Finance, the clothing chain Forever 21, which has a store in the Empire Mall, has filed for bankruptcy. Most think the company's recent file for bankruptcy could be due to their rapid expansion and the change in consumers tastes. The company has also stated that it has been struggling to compete with online retailers.

The store filed for Chapter 11 which allows stores to remain open while working on satisfying creditors and restructuring their business plan going forward.

The chain is known for having trending teen to mid-20s young adult clothing and accessories offered at reasonable prices.

The company also said that they plan to close 178 out of its nearly 800 stores. Specific locations have not been released yet. However, they do plan to close down most of their stores in both Asian and Europe.

Until we know for sure which locations will remain open, Forever 21 will honor all gift cards, returns, and exchanges. But you know - I wouldn't wait forever.