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Forever 21, a popular fast-fashion retailer, has filed for bankruptcy for the second time since 2019. The company, known for its affordable and trendy clothing, will close all its store locations, including seven in the Houston area. In a statement, CFO Brad Sell said the company was unable to find a sustainable path forward due to competition from foreign fast fashion companies. This announcement marks the end of the retailer’s brick-and-mortar presence, and customers can now only shop online or through other channels. The news comes as US shoppers have been spending more modestly amid rising economic anxiety.
