Fashion retailer Forever 21 to close only Irish outlet

US fashion retailer Forever 21 is pulling out of Ireland due to spiraling losses.

The store, which was the first branch in Europe, opened in the Jervis Centre on Henry Street in Dublin in 2010.

Accumulated losses have mounted to €44 million, with €11 million being set aside for redundancy payments and to exit the lease agreement.

No formal date has been given for the closure.

More to follow.

Digital desk