Forever 21 files for bankruptcy

New York: Low-price fashion chain Forever 21, a one-time hot destination for teen shoppers that fell victim to its own rapid expansion and changing consumer tastes, has filed for Chapter 11 bankruptcy protection.

The privately held company based in Los Angeles says it will close up to 178 stores. The company once had more than 800 stores in 57 countries.

Forever 21 joins Barneys New York and Diesel USA in a growing list of retailers seeking bankruptcy protection as they battle online competitors.

Forever 21 was founded in 1984 and, along with other so-called fast fashion chains like H&M and Zara, rode a wave of popularity among young customers that took off in the mid-1990s.

But over the last year or so, fast fashion has fallen out of style. Meanwhile, Slovenia's flag carrier Adria Airways also announced Monday that it had filed for bankruptcy.

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