Apparel retailer Forever 21 filed bankruptcy this week and announced 178 stores pegged for closure as it seeks to restructure the business.
The locations of those closures were made public Thursday (Oct. 2). Stores in at Pinnacle Hills Promenade in Rogers and Northwest Arkansas Mall in Fayetteville will remain open. No stores in Arkansas are among those slated for closure.
Forever 21 operates 549 stores across the U.S. and the closures represent about a third of the retailer’s total footprint.
The company noted in a news release the restructuring will focus on maximizing the value of its U.S. footprint. The company noted in a court filing it doesn’t necessarily expect to close all of the locations, as talks with landlords are still ongoing to try to renegotiate leases and rents. But the 178 stores are some of the company’s most unprofitable, and it expects the stores will close if no further deals are reached.
If deals are reached, the company says it will remove the sites from its current store closure list and file a new list.