Robert: Forever 21 files for bankruptcy

Popular clothing chain Forever 21 has filed for Chapter 11 bankruptcy protection.

In response, the Los Angeles based company will close up to 178 of its 800 stores.

The decline in business is being credited to an increase interest for eco-friendly products. Clothing made from recycled and environmentally friendly materials and second hand retailers have become more of a draw for consumers, and retailers are feeling the effects of this new shift in shopping.

Studies are showing that consumers are visiting large shopping malls less and less, which is bad news for mall mainstays like Forever 21.

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