Apparel retailer Forever 21 files for bankruptcy

Pedestrians pass in front of a Forever 21 store in New York.Scott Mlyn | CNBCApparel retailer Forever 21 said Sunday night it is filing for Chapter 11 bankruptcy protection.The fast-fashion retailer obtained $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, whose aggressive real estate expansion weighed on its finances, has 815 stores globally.Forever 21 plans to exit most of its international locations in Asia and Europe, the retailer said in a release. It will continue operations in Mexico and Latin America. It does not expect to exit any major markets in the U.S.This is breaking news. Please check back for updates.

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