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Forever 21, the American trading network, intends to declare bankruptcy and close part of the stores, the company said in a statement.

The statement said that 180 out of 800 chain stores will stop working. Forever 21 Management intends to rebuild the network to increase profits. For this, the company will go through bankruptcy proceedings, Regnum reported.

Forever 21 network arose in 1984 and spread throughout the country. The central office of the network is located in LA, California. It is an American fast fashion retailer.

Photos: Getty Images

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