NEW YORK, NY - SEPTEMBER 12: A view inside a Forever 21 store in Union Square in Manhattan on September 12, 2019 in New York City. The Wall Street Journal reported that the retail chain is planning to file for bankruptcy as soon as Sunday. The company is refuting these reports and said they plan to continue operating a vast majority of their U.S. stores. (Photo by Drew Angerer/Getty Images)

Forever 21, after months of speculation and even a statement denying bankruptcy rumors, has indeed filed for bankruptcy.

As CNN explains, the clothing chain filed for Chapter 11 bankruptcy in hopes to overhaul its global business.

Forever 21 posted a letter on their website to talk straight to customers, and in it, they promise that they will continue to operate like normal and there will not be any noticeable changes inside the stores. They write,”Essentially this allows Forever 21 to continue to operate its stores as usual, while the company takes positive steps to reorganize the business so we can return to profitability and refocus on delivering incredible styles and fashion you love for many years to come.”

The company also adds, “Once we complete a reorganization, Forever 21 will be a stronger, more viable company that is better positioned to prosper.”

Back at the beginning of the month, the company assured the world that rumors about bankruptcy were false. They said in a previous¬†statement, “The reports are inaccurate; Forever 21 is not planning to file for bankruptcy on Sunday. Our stores are open and it is our intention to continue to operate the vast majority of U.S. stores, as well as a smaller amount of international stores.”

Forever 21 plans on closing between 300 and 350 stores, including 178 in the U.S. They will also close most of its international locations.

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