Shoppers walk past a branch of Forever 21 store in central London. Photo: Steve Taylor/SOPA Images/LightRocket via Getty Images

Forever 21 said in a statement Sunday night it had filed for Chapter 11 bankruptcy protection and would close a number of stores in the U.S. and across the world. Most stores in Asia and Europe will close, but it would continue operations in Mexico and Latin America.

Why it matters: The Los Angeles-based "helped popularize fast fashion in the United States with its bustling stores and $5 tops," the New York Times notes. Per Axios' Future reporter Erica Pandey, the trend is increasingly coming under fire because it’s creating uncurbed waste and exacerbating retail's environmental harm.

Our thought bubble, from Axios chief financial correspondent Felix Salmon: Forever 21 remains a force to be reckoned with in the U.S. and across the Americas. It expanded too fast, especially internationally, and it will now operate fewer stores in fewer countries. But the fact that it just raised $350 million in new money proves that it's far from dead.

The big picture: Per AP, the Los Angeles-based firm operates about 800 stores across the world, including over 500 in the U.S. The retailer expects to close up to 178 stores in the U.S. and up to 350 overall, according to the Times.

  • There had months of speculation about the fashion retailer's restructuring, as the fashion retailer’s cash dwindled and turnaround options looked scarce.

What they're saying: Jon Goulding, an executive at the consultancy Alvarez & Marsal who will be Forever 21’s chief restructuring officer during the proceedings, told the NYT he believes the retailer could renegotiate many of the U.S. stores' leases.

  • Forever 21 executive vice president Linda Chang said in a statement, "This was an important and necessary step to secure the future of our Company, which will enable us to reorganize our business and reposition Forever 21."

Go deeper: Faster and cheaper online shopping means a steeper climate cost

Go deeper

Trump commutes Roger Stone's sentence

Roger Stone arriving at his sentencing hearing on Feb. 20. Photo: Drew Angerer/Getty Images

President Trump on Friday evening commuted the sentence of his longtime associate Roger Stone, according to two senior administration officials. Stone in February was sentenced to 40 months in prison for crimes including obstruction, witness tampering and making false statements to Congress.

Why it matters: The controversial move brings an abrupt end to the possibility of Stone spending time behind bars. He had been scheduled to report to prison on July 14.

Updated 7 hours ago - Health

Which states have set single-day coronavirus records this week

Data: COVID Tracking Project and state health department data compiled by Axios; Map: Danielle Alberti and Naema Ahmed/Axios

13 states this week surpassed records set just last week for their highest number of coronavirus infections in a single day, according to the COVID Tracking Project and state health department data. 16 states in total reported new highs.

The big picture: The United States' alarming rise in coronavirus cases isn't just due to increased testing — particularly where the number of cases has grown fastest over the last month, Axios' Andrew Witherspoon and Caitlin Owens report.

Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6:30 p.m. ET: 12,389,660 — Total deaths: 557,279 — Total recoveries — 6,830,596Map.
  2. U.S.: Total confirmed cases as of 6:30 p.m. ET: 3,169,611 — Total deaths: 133,885 — Total recoveries: 983,185 — Total tested: 38,856,341Map.
  3. Public health: The reality of the coronavirus bites.
  4. Trade: Trump says he's no longer considering phase-two trade deal with China because the pandemic damaged the two countries' relationship.
  5. 🎧 Podcast: Rural America has its own coronavirus problem.