Forever 21 files for bankruptcy

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(Reuters) – Struggling fashion retailer Forever 21 Inc said on Sunday it has filed for Chapter 11 bankruptcy protection to restructure its business.

The retailer’s bankruptcy marks another casualty among brick-and-mortar players, who have suffered from changing consumers trends of shopping online as opposed to visiting malls.

Forever 21 said it received $275 million in financing from its existing lenders with JPMorgan Chase (NYSE:) Bank, N.A. as agent, and $75 million in new capital from TPG Sixth Street Partners, and certain of its affiliated funds.

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