Fast-fashion retailer Forever 21 set to shut all US stores

News Snapshot:

Forever 21 has filed for bankruptcy protection for the second time in six years, citing fierce competition from online fast-fashion giants Shein and Temu as a major factor for its financial struggles. The retailer’s operating company is set to shut down all US operations, with liquidation sales already underway at more than 350 locations. The company said it remains open to potential buyers willing to acquire its inventory and keep the stores running, according to court filings. Efforts to secure a buyer over the past several months have been unsuccessful. Forever 21 reached out to over 200 potential investors, with...