Forever 21 to close 23 Florida stores — four in region

Forever 21, the fashion retailer long a fixture at local malls, is joining a seemingly ever-growing list of retailers closing stores across the region and country.

The retailer’s Los Angeles parent company filed for Chapter 11 bankruptcy Sunday evening and says in a statement that it “will conduct liquidation sales at its stores while simultaneously conducting a court‑supervised sale and marketing process for some or all of its assets.”

Forever 21 says in the statement that its store locations in the United States and website will remain open as the company begins the wind down process.

It currently operates 138 stores, 23 of those are in Florida with one each in Brandon, Naples, Clearwater and Sarasota.

Stores outside the U.S., which are operated by licensees, will remain open.

Brad Sell, the chief financial officer of F21 OpCo, the parent company, says in a statement that following a strategic review it has not been able to find a way to move forward blaming, in part, foreign fast fashion companies that “undercut our brand on pricing and margin.”

He also cited “rising costs and economic challenges impacting our core customers.”

Forever 21 is just the latest retailer to announce it would close stores with a big presence in the state and region, joining a list that now includes the craft and fabric retailer Joann, Big Lots, Macy’s, Walgreen’s, Conn’s and Express.

And earlier this month Advance Auto Parts said it was closing 200 independently owned stores as well as four distribution centers and the restaurant chain Red Robin Gourmet Burgers would shut down 70 locations.

But Forever 21 is also joining the Chapter 22 club, an exclusive club that no one is happy to be a part of.

The name refers to companies that emerge from bankruptcy only to wind up back in court at a later time. Forever 21 joins a list of Chapter 22 companies that includes RadioShack, Payless Shoes, Tuesday Morning, Joann and Kmart.