Forever 21 has filed for a Chapter 11 bankruptcy on Sunday.
The company lists both assets and liabilities in the range of $1 billion to $10 billion, according to the court filing in the U.S. Bankruptcy Court for the District of Delaware.
The retailer has said that it received $275 million in financing from its existing lenders with JPMorgan Chase Bank, and $75 million in new capital from TPG Sixth Street Partners.
Forever 21 plans to use these funds to continue business as usual and will focus on the profitable core of its business.
The company also plans to close most of its international location in Asia and Europe, but will continue to operate in Mexico and Latin America.
