Forever 21 Officially Files for Bankruptcy

Forever 21, after months of speculation and even a statement denying bankruptcy rumors, has indeed filed for bankruptcy.

As CNN explains, the clothing chain filed for Chapter 11 bankruptcy in hopes to overhaul its global business.

Forever 21 posted a letter on their website to talk straight to customers, and in it, they promise that they will continue to operate like normal and there will not be any noticeable changes inside the stores. They write,"Essentially this allows Forever 21 to continue to operate its stores as usual, while the company takes positive steps to reorganize the business so we can return to profitability and refocus on delivering incredible styles and fashion you love for many years to come."

The company also adds, "Once we complete a reorganization, Forever 21 will be a stronger, more viable company that is better positioned to prosper."

Back at the beginning of the month, the company assured the world that rumors about bankruptcy were false. They said in a previous statement, "The reports are inaccurate; Forever 21 is not planning to file for bankruptcy on Sunday. Our stores are open and it is our intention to continue to operate the vast majority of U.S. stores, as well as a smaller amount of international stores."

Forever 21 plans on closing between 300 and 350 stores, including 178 in the U.S. They will also close most of its international locations.