Another Hudson Valley Retailer Files For Bankruptcy
Bankruptcy has plagued yet another local retailer.
On Monday, September 30, 2019, Forever 21 officially filed for bankruptcy. According to NPR, the fast-fashion retailer filed for Chapter 11 bankruptcy. They may close up to 178 U.S. stores. Forever 21 said the bankruptcy is necessary so it can take the steps to reorganize the business for profit.
NPR reports that Forever 21 has stressed they are not going out of business, and that day to day shopping at the store will feel normal. Forever 21 has roughly 28,500 employees. The majority, at 23,500 are part-time or seasonal.
We reported on September 4, 2019, that Forever 21 had plans to file for bankruptcy. It was reported that sales were estimated to have dropped by 2-%-25% last year. Forever 21 is one of the biggest American shopping mall tenants.
Forever 21 has multiple Hudson Valley locations, including Poughkeepsie, Middletown, Harriman, Nyack, and more.
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