Forever 21 files for Chapter 11 bankruptcy protection

US fashion retailer Forever 21 has filed for Chapter 11 bankruptcy protection.

In a statement, the company said that it will close most of its stores in Asia and Europe but will continue to operate in Mexico and Latin America.

It has also asked for approval to shutter up to 178 shops in the US.

Linda Chang, Forever 21 executive vice president, said the Chapter 11 move was an important step in securing the future of the company and will enable it to reorganise the business and reposition Forever 21.

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