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Forever 21 files for bankruptcy and will close all US locations

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Forever 21, a popular fast-fashion retailer, has filed for bankruptcy and announced the closure of all its U.S. locations. This decision comes after years of financial struggles, intensified by competition from other fast-fashion giants like H&M and Zara, as well as the shift towards online shopping. The company, which once boasted over 800 stores worldwide, has been unable to adapt effectively to changing retail trends and consumer behaviors. The bankruptcy filing aims to restructure its debts and potentially emerge as a leaner operation, focusing possibly on e-commerce or international markets where it still maintains a presence. This move will result in significant job losses and marks a significant downturn for the brand that was once a staple in American malls.

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