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Forever 21 files for bankruptcy

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Clothing retailer Forever 21 announced yesterday it filed for Chapter 11 bankruptcy.

Officials said up to 178 of the company's more than 800 stores will close. The company hasn't yet decided which stores will get the axe.

Coresight Research data show more than 8,200 retail store closures have been announced this year. That exceeds last year's total of 5,589.

Read more from CNN Business.

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