The operator of Forever 21 in the United States filed for bankruptcy, reflecting the challenges faced by the once-popular fast-fashion brand in competing against online retailers. F21 OpCo, along with some U.S. subsidiaries, filed for Chapter 11 bankruptcy in Delaware’s Bankruptcy Court. The company reported estimated assets between $100 million and $500 million, with liabilities ranging from $1 billion to $5 billion. This marks the second bankruptcy filing for Forever 21 in recent years, having previously filed in 2019. At its peak, Forever 21 achieved over $4 billion in annual sales and employed more than 43,000 people globally. However, aggressive expansion strategies and technological shifts contributed to its decline. Following the 2019 bankruptcy, the company closed over 30% of its U.S. stores and was subsequently acquired by Sparc Group, a joint venture between Authentic Brands Group and Simon Property Group. — news from The New York Times