Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Forever 21 has filed for bankruptcy and will wind down its U.S. operations. That means it will close stores across the country, including in the Chicago area. It currently operates stores in Chicago’s Water Tower Place, in Northbrook, Schaumburg, Chicago Ridge and Skokie among others. The company was founded in 1984 and is popular with young shoppers looking for stylish but affordable clothing. At its peak it employed more than 40,000 employees and 800 stores globally. When it filed for bankruptcy, Forever 21 had $1.8 billion in debt after losing more than $400 million over the last three years.

Also, there’s an expansion to report at Chicago’s Fulton Labs. Listen for more below: