<ul><li>Forever 21, the apparel retail chain, has filed for bankruptcy for the second time as it faces stiff competition, rising costs, and changing consumer preferences.</li><li>The company is gradually closing all its US stores and looking for a buyer while trying to sell its assets.</li><li>Employees at corporate offices, stores, and warehouses are uncertain about their future.</li><li>The brand, founded in 1984, struggled to keep up with the e-commerce boom and declining mall footfall.</li></ul>

Forever 21 commences bankruptcy proceedings; thousands of employees face uncertainty

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