The iconic teen retailer is filing for Chapter 11 bankruptcy.
Forever 21 has been a huge store for the past 30-something years, but they're going to be closing 178 stores in the United States.
Forever 21's CEO and founder, Do Won Chang said, "Any potential paths we are considering are meant to strengthen Forever 21 and does NOT mean Forever 21 is going out of business. We will continue to operate, providing customers with great service and the curated merchandise they love and respect from Forever 21," in an email sent out, acquired by Buzzfeed News.
We'll see what happens and keep you updated!