Forever 21, the apparel retailer that filed for Chapter 11 bankruptcy protection earlier this week, said it is eyeing closing three Louisiana stores as part of its effort to regain financial stability.
In a filing in federal bankruptcy court Tuesday, Forever 21 said it is looking to close its Juban Crossing store in Denham Springs, its Acadiana Mall location in Lafayette and its Lake Charles Power Centre store in Lake Charles.
The once-hot destination for teen shoppers fell victim to its own rapid expansion and changing consumer tastes.
The privately held company based in Los Angeles operates about 800 stores globally, including more than 500 stores in the U.S. The chain said it is looking at closing up to 178 unprofitable U.S. stores, but the exact number may be lower, depending upon negotiations with landlords.
The company said it would focus on maximizing the value of its U.S. stores and shutter certain international locations. Forever 21 plans to close most of its locations in Asia and Europe but will continue operating in Mexico and Latin America.
Forever 21 said it plans to complete liquidation sales before the end of the year at the stores it will close.