Forever 21 to Withdraw from Japanese Market

Economy

Tokyo, Sept. 25 (Jiji Press)--The Japanese unit of U.S. casual wear chain Forever 21 Inc. on Wednesday announced its decision to withdraw from the Asian country.

All of the 14 Forever 21 outlets in Japan will be closed at the end of October. The company will also shut its online shopping site for Japanese customers by Oct. 31.

Founded in 1984, Forever 21 runs over 800 outlets worldwide. The firm opened its first Japanese outlet in April 2009, in the fashionable Harajuku district in Tokyo.

But the Harajuku store and another flagship outlet, in the upscale Ginza district in the Japanese capital, have been closed recently.

In the United States, Forever 21 is reportedly preparing to file for Chapter 11 bankruptcy protection amid a plunge in its earnings.

[Copyright The Jiji Press, Ltd.]

Jiji Press