businessUpdated: Sep 30, 2019 10:35 ISTLow-price fashion chain Forever 21, a one-time hot destination for teen shoppers that fell victim of its own rapid expansion and changing consumer tastes, has filed for Chapter 11 bankruptcy protection. “Forever 21’s restructuring will focus on maximizing the value of our U.S. footprint and shuttering certain international locations,” the company said in a statement. Forever 21 was founded in 1984 and, along with other so-called fast fashion chains like H&M and Zara, rode a wave of popularity among young customers that took off in the mid-1990s. Their popularity grew during the Great Recession, when shoppers sought fashion bargains. Forever 21 has also been more vulnerable than some other chains because of its large footprints in major malls, which are attracting fewer shoppers.

Source: Hindustan Times September 30, 2019 02:42 UTC