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Forever 21 may soon file for bankruptcy

A Forever 21 store. A Forever 21 store. | Photo: NBC News.

August 29, 2019 12:32 PM

Another well-known retailer may be in serious trouble.

Sources tell CNBC Forever 21 is considering whether to file for Chapter 11 bankruptcy, as efforts to restructure its debt have stalled out.

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Forever 21's more than 800 stores worldwide include one at Crossgates Mall. Like other struggling retailers, they're located in malls, where fewer shoppers are spending money.

As sales drop, these companies are being weighed down by large, expensive real estate, while they're also investing heavily in technology to fend off online competition.

Credits

NBC News

Copyright 2019 WNYT-TV LLC, a Hubbard Broadcasting Company. All rights reserved

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