Forever 21 to Say Goodbye? Popular Fashion Retailer to File for Bankruptcy, Say Reports
Forever 21 is one of the most loved brands among the youth and younger generation. Through a lot of controversies, the brand has managed to slide through and still hold it’s reputation. However, things might not be going that well for them anymore. Maybe the drama has started to now catch on as Forever 21 is planning to file for bankruptcy.
Forever 21 is one of the most loved fashion brands, especially among the younger generation. Through a lot of controversies, the brand has managed to slide through and still hold it’s reputation. However, things might not be going that well for them anymore. Maybe the drama has started to now catch on as Forever 21 is planning to file for bankruptcy due to failed turnaround plans and decline in cash flow. While the brand has not commented on the issue yet, people are ready for the affordable brand to go on sale to clear their stock. Forever 21 Sends Atkins Diet Bars With Plus-Size Orders, Issues Apology After Facing Flak for Body Shaming (Read Tweets).
Forever 21 has over 800 stores in 57 countries. The fashion retailer brand has been a hit in recent years and especially famous in the younger generation. Reason being it offers apparel that kids want at a pretty affordable price. According to Vox, the well-loved fashion brand has been in talks with advisers and lenders to restructure its debt since June. The brand might be the next victim of the retail apocalypse. This might affect their stores and might force them to shut down several brick and mortar stores. In a lot of countries, Forever 21 is a mall brand they rent out spacious areas for the store. This might leads to shutting down a vast number of stores. Toys 'R' Us & Babies R Us Online Sales Shut! Websites Down Following Rapid Liquidation.
Forever 21 is not the only store affected. After all, it is tough to survive and thrive in this economy. According to Business Insider, a lot of leading brands such as Payless ShoeSource is shutting down about 2,500 stores, Victoria’s Secret is shutting down 53 stores, Abercrombie & Fitch is closing 40 stores. According to Forbes, the size of Forever 21 stores have shrunk from 38,000 square feet to 21,000 square feet. This isn’t the end of the brand but go and get your favourites as soon as you can!
(The above story first appeared on LatestLY on Aug 31, 2019 09:21 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).