Fashion retailer Forever 21 has stated it is filing for Chapter 11 bankruptcy protection, CNBC reported.
Forever 21cobtained $275 million in financing from its existing lenders with JPMorgan Chase and $75 million in new capital from TPG Sixth Street Partners, as well as affiliated funds to help it support its operations in bankruptcy.
A spokesperson for the retailer said the company has requested approval to close up to 178 U.S. stores.
Forever 21 also plans to shut down most of its international locations in Asia and Europe, the chain said in a release but will continue operations in Mexico and Latin America.
It does not expect to exit any major markets in the U.S.
It is one of a growing list of retailers, including Barneys and Mattress Firm, that have used bankruptcy protection help to downsize their footprints.
Los Angeles-based Forever 21 was founded in 1984 and has 815 stores globally.