'Forever 21' filed for Chapter 11 bankruptcy protection Sunday, and plan to close 178 stores in the U.S. Could that be our Portage store?

Over the weekend 'Forever 21' requested court protection from its creditors in a bid to stay in business. The Detroit Free Press reports that the company is being brought down by expensive leases and declining mall traffic.

The family-owned company said it would close "most" of its stores in Asia and Europe and up to 178 stores in the U.S. No word on which stores would shut their doors, it all will depend on negotiations with current landlords. Lets hope that Crossroads mall management wants to play ball with this retailer.

The great news is (if there if great news about stores closing), Forever 21 said it would continue to honor gift cards, returns and exchanges. Bankruptcy experts typically urge consumers to spend gift cards if there's any concern that a retailer will liquidate.