Forever 21, the once powerful fast fashion retailer, is looking to file for bankruptcy protection, and in the process could leave holes to fill in seven Valley shopping centers.
Los Angeles-based Forever 21 is close to filing for Chapter 11 bankruptcy, according to Bloomberg, as it becomes a casualty of changing consumer shopping trends.
With an expectation the retailer will close unprofitable and underperforming stores, it could mean big changes for mall owners, including Macerich, which owns malls that have four of the seven regional locations for the retailer.
Among them is an anchor spot at the Macerich-owned Arrowhead Towne Center in north Glendale, where the retailer had taken over a former Mervyn's location when that retailer shuttered.
