Forever 21 files for bankruptcy, will close 350 stores worldwide amid restructuring - The Washington Post Forever 21 files for bankruptcy, will close 350 stores worldwide amid restructuring - The Washington Post Posted: 30 Sep 2019 07:13 AM PDT "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," said Linda Chang, the company's executive vice president. In its bankruptcy filing, the company said it owes $1 billion to $10 billion to more than 100,000 creditors, including Simon Property Group (owed $8.1 million), Brookfield Properties (owed $5.3 million) and FedEx (owed $3.4 million), filings show. The retailer was founded in 1984 in Los Angeles by Do Won Chang and Jin Sook Chang. The husband and wife team saved for three years before opening their first store, originally called Fashion 21. From the beginning, they centered the...