Action News 6ABC has reported that Forever 21 has filed for Chapter 11 bankruptcy. I'm sure this news has teenagers everywhere gasping.

So, what does this news mean for your local store? I'm not sure yet.

The article says that a "number of the chains 800 stores will be closed."

A letter to customers states, "the decisions as to which domestic stores will be closing are ongoing, pending the outcome of continued conversations with landlords." Yikes. I'm sure many in our area are hoping the Quakerbridge Mall location stays open. Although, the letter also said, "We do however expect a significant number of these stores will remain open and operate as usual, and we do not expect to exit any major markets in the US."

Part of the reason for the company's money problems is that more and more people are shopping online, cutting the number of people who actually go to the mall. The Executive VP of the company, Linda Chang, is hopeful though, saying in a news release," that filing for Chapter 11 is "an important and necessary step to secure the future of our Company, which will enable us to reorganize our business and reposition Forever 21."

For more on the story, click here.

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