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Shoppers walk past a branch of Forever 21 store in central...

Source: SOPA Images / Getty

Fast fashion chain Forever 21 has filed for Chapter 11 bankruptcy protection.

The company based in Los Angeles says it will close up to 178 stores. The company once had more than 800 stores in 57 countries.

Forever 21 was founded in 1984, took off with popularity among young in the mid-1990’s. But over the last year the fashion company has fallen out of style.

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