Forever 21 Goes Bust Adding 178 Stores to Retail Apocalypse (1)

Forever 21 Inc. filed for bankruptcy, joining the growing list of fashion retailers felled by heavy competition, high rents and the defection of shoppers to online outlets.

Plans include shutting 178 of Forever 21’s approximately 800 stores, after a disastrous expansion outside the U.S. The Chapter 11 court filing on Sunday, Sept. 29, allows Forever 21 to keep operating while it works out a strategy to pay its creditors and turn the business around.

Here are 21 reasons why Forever 21 might not be forever.

All told, the retailer employs about 6,400 full-time and 26,400 part-time workers, court papers show. Forever 21 said it expects to exit most of its ...