In yet another instance that hints the growing e-commerce dominance among shoppers, Fashion giant Forever 21 has filed for Chapter 11 bankruptcy protection to restructure its business. Forever 21, known for its low price clothing will shut down as many as 178 stores in the US. Founded in 1984 by Do Won and Jin Sook Chang, the company said it will quit mostly from international locations including Asian and European markets.
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Besides Forever 21, Barneys New York and Diesel had also become victims of the growing occupancy of e-commerce.
