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Forever 21 Files For Bankruptcy, Plans To Shut Down Many Stores
Fast fashion chain Forever 21 has applied for Chapter 11 bankruptcy protection. The privately held company based in Los Angeles said Sunday it will close up to 178 stores in the U.S alone, with the company planning to overhaul its global business by closing anywhere between 300-500 stores. However, in good news for Indian shoppers, its local franchise partner, Aditya Birla Fashion and Retail Ltd, said the company will continue to operate its stores in India.