A fashion retail Forever 21 store is pictured in in London on September 30, 2019. Fashion retailer Forever 21 has filed for Chapter 11 bankruptcy protection in the US. Forever 21 is asking landlords for a break on rent as the legacy fast fashion player's sales decline and it struggles to keep up with savvier competitors, CNBC has learned. Forever 21 faces a range of issues that have long plagued its business. Similar to many retailers, Forever 21's massive store footprint weighed on its balance sheet when it first filed for bankruptcy.

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Persons: Simon, Brooks Brothers, Lucky, Simon didn't Organizations: CNBC, Authentic Brands Group, Simon Property Group, Brookfield Property Partners, Sparc, Lucky Brand Locations: London, U.S