Forever 21 has filed for bankruptcy, making it one of the many retailers that are affected by the online shopping disruption.
The company is expected to close down all retail stores in Asia and Europe.
Forever 21 has 815 stores all over the world; now, they are pending approval for closing down 178 US stores.
JPMorgan Chase, TPG Sixth Street Partners, and affiliated funds financed $350 million to the apparel retailer to support their operation in bankruptcy.
With the injection of capital, Forever 21 said it intends to operate business as usual and will focus on the profitable core segment of the business.