Forever 21 files for bankruptcy as mall traffic dwindles

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Forever 21’s US-operated company filed for Chapter 11 bankruptcy on March 16 for the second time in the last six years as mall traffic continues to dwindle and online shopping skyrockets.

The fast fashion retailer’s filing comes after the company was unable to find a buyer for its 359 stores nationwide.

The first-ever store opened in Highland Park, Los Angeles, 41 years ago under its former name, “Fashion 21.”

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