Fashion and accessories store Forever 21 has filed for Chapter 11 bankruptcy

According to USA Today, Forever 21 will become the latest retailer to file for Chapter 11. The company had been in discussions to secure additional financing while also trying to restructure their current debt.

There fashion retailer may close up to 178 stores in the U.S. Forever 21 has over 750 stores worldwide and over 500 in the U.S. South Jersey locations include Tanger Outlets in Atlantic City and the Hamilton Mall in Mays Landing.

The company will still honor gift cards, returns and exchanges during the bankruptcy proceeding.

Source: bloomberg.com  usatoday.com

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