It was only a few weeks ago that the entire world was speculating about Forever 21's future.

Well now it has been confirmed: Forever 21 has filed for Chapter 11 bankruptcy and will be closing over 150 stores. *Cue violin* 

But....before you burst into tears, a Forever 21 representative released a statement that does give us all hope:

“This does NOT mean that we are going out of business – on the contrary, filing for bankruptcy protection is a deliberate and decisive step to put us on a successful track for the future,” Forever 21 said in a letter to customers. “Most importantly, our stores are open and it will continue to feel like a normal day – you will not see any changes in our stores, gift cards will continue to be accepted, and our policies, including returns and exchanges, remain the same.”

So you have no money but are not going out of business? Or is this just a business tactic so they can hope to come back stronger?

OR....could they be looking to switch to an online format and needed a legal way to break their store leases?

I guess the fact that they specified that you can still count on using your gift cards IS a good sign.

But still. Chapter 11 Bankruptcy never sounds good.

Fingers crossed because if this trend keeps up, we will literally be stuck with like three different chains to shop from.

Take a look at NJ.com.

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