Forever 21 has officially filed for bankruptcy and could close 178 U.S. stores.

Forever 21 has officially filed for bankruptcy and could close 178 U.S. stores. The teenage retail wasteland hasn’t panned out in fast fashion giants’ favor, as more stores with massive brick-and-mortar presences have had to scale back or shut their doors altogether. Now, as many rumors predicted, Forever 21 has filed for Chapter 11 bankruptcy. Bouncing back could depend on their ability to stitch together strong digital sales, since e-commerce only contributes 16% of their current sales. (USA Today)