On Sunday Forever 21 announced that it has filed for chapter 11 bankruptcy. A news release from the company explains: "Forever 21 intends to use these proceedings to facilitate a global restructuring that will allow the Company to focus on a profitable core part of its operations. As part of its restructuring strategy, the Company plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America."

CNN reports that: the chain will close up to 178 of its more than 800 stores, though it said in a letter to customers that the decisions as to which domestic stores will be closing are ongoing, pending the outcome of continued conversations with landlords."

More information on which locations will close is expected later this year. Linda Chang, Executive Vice President of Forever 21, Inc., said: "This was an important and necessary step to secure the future of our Company, which will enable us to reorganize our business and reposition Forever 21.”