It's actually happening: Forever 21 will be filing for bankruptcy and closing stores.
The decision has been rumored for months, and the company just confirmed it yesterday (Sunday) with the New York Post.
They plan to close about 178 stores in the United States, and up to 350 overall. Their website will continue to operate as usual.
The downfall of the popular retail store comes due to the "eroding power of shopping malls and the shifting tastes of young consumers."
The good news? You can probably look forward to some sort of huge sale in the near future.