Forever 21 Files for Bankruptcy, Closes 354 U.S. Stores and Lays Off 700 Employees
American fast-fashion retailer Forever 21 has filed for bankruptcy protection, declaring a staggering $1.58 billion in debt (approximately NT$47 billion). Founded in 1984, the company once reported annual revenues exceeding NT$100 billion, but faced operational challenges leading to its decline, ultimately exiting the Taiwanese market in 2019.
Now, Forever 21 plans to lay off more than 700 employees in California and Pennsylvania while closing 354 stores in the U.S. Although there were potential buyers interested in the brand, as of May 2025, no significant developments have been reported.
