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Retail chain Forever 21 announced it will enter bankruptcy proceedings for a second time, and is set to permanently close all its U.S. stores while it seeks a buyer for the company. The Los Angeles-based F21 as well as some of its U.S. subsidiaries entered into a plan with lenders for Chapter 11 protections in a Delaware U.S. bankruptcy court. In 2019, the fashion retailer filed for Chapter 11 in order to “facilitate a global restructuring” that included the closing of most of its Asian and European international locations.

Brad Sell, chief financial officer of F21 OpCo, wrote in a news release: “While we have evaluated all options to best position the company for the future, we have been unable to find a sustainable path forward, given competition from foreign fast fashion companies, which have been able to take advantage of the de minimis exemption to undercut our brand on pricing and margin, as well as rising costs, economic challenges impacting our core customers, and evolving consumer trends .. Following the conclusion of our strategic review and after careful deliberation, we made the decision to file for Chapter 11 to implement a court-supervised marketing process to solicit a going concern transaction, and, in the absence of such an arrangement, an orderly wind down of operations.”

The company said that stores and the company’s U.S. website will remain open as Forever 21 starts winding down operations and seeks a last-minute bidder for its assets. Their website and U.S. stores will remain open, with company officials hoping that a “dual-path process” will “best maximize optionality and value.” In the event of a successful sale, Forever 21 may opt to pivot to facilitate a transaction.

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Harvard University announced on Monday that it is making tuition free for families who earn less than $200,000 annually, aimed to make the Ivy League institute more affordable for middle-income families.   The move comes as the Trump administration targets university funding as a part of a crackdown on diversity equity and inclusion (DEI) practices.

Harvard, located in Cambridge, Massachusetts, added that for families earning less than $100,000, the university will also cover expenses like housing, travel fees, health insurance – as well as a $2,000 start-up grant to get students situated.   According to Harvard’s website, the average annual tuition for an undergraduate student is $56,550; with the addition of housing, food, health services and other student services, the annual cost of attending Harvard is $82,866.

Harvard President Alan Garber said in a press release: “putting Harvard within financial reach for more individuals widens the array of backgrounds, experiences, and perspectives that all of our students encounter, fostering their intellectual and personal growth, and will help make a Harvard College education possible for every admitted student.”

William R. Fitzsimmons, Harvard College’s dean of admissions and financial aid, wrote in a statement: “We know the most talented students come from different socioeconomic backgrounds and experiences, from every state and around the globe. Our financial aid is critical to ensuring that these students know Harvard College is a place where they can be part of a vibrant learning community strengthened by their presence and participation.”

Faculty of Arts and Sciences Dean Hoekstra added: “Harvard has long sought to open our doors to the most talented students, no matter their financial circumstances. This investment in financial aid aims to make a Harvard College education possible for every admitted student, so they can pursue their academic passions and positively impact our future.”

The policy will begin in the 20255/ 2026 academic year, and will allow roughly 86% of US families to qualify for Harvard’s financial aid. A number of elite universities in the US have taken similar steps in recent years, including the University of Pennsylvania and The Massachusetts Institute of Technology, which also have free tuition for families making less than $200,000.

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