STRONGSVILLE, OH — It looks like not everything lasts forever. The retail chain Forever 21 is expected to close up to 178 stores in the United States, and the home decor store Pier 1 could close up to 145 of its own locations.
Forever 21 announced it has filed for Chapter 11 bankruptcy in a letter to customers on Sept. 29.
The teenage clothing store made it clear, though, it wasn’t going out of business, and instead filed for bankruptcy protection as a “deliberate and decisive step to put us on a successful track for the future,” according to the letter.
Pier 1 announced their own possible store closings after reporting low financial results on Sept. 25.
“As anticipated, our fourth-quarter sales and profitability were disappointing and reflect the execution issues we identified earlier in the year and have been working with urgency to correct,” Cheryl Bachelder, interim Pier 1 CEO, said in a statement.
Neither chain has specified which stores will be closed, but here are the Forever 21 locations in Northeast Ohio:
Here are the Pier 1 locations in Northeast Ohio:
The two companies join a growing list of brick-and-mortar establishment that have seen a nosedive in revenue and popularity with the emergence of e-commerce companies such as Amazon and Walmart.
“We are confident this is the right path for the long-term health of our business,” Forever 21 said in the letter to customers. “Once we complete a reorganization, Forever 21 will be a stronger, more viable company that is better positioned to prosper for years to come.”
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