Notorious for its low prices, unique clothing and shirts with obscure messages scrawled on the back of them, Forever 21 has been a staple in a plethora of young men’s and women’s wardrobes for years. I can personally reach into my own closet and yank out a solid handful of Forever 21 clothing. So when I heard whisperings across various social media platforms that they were declaring bankruptcy…I was utterly shocked.
Whenever I walked by Forever 21 in my local outlet mall, it always seemed to be bustling with a variety of different customers. From young teenage girls buying a crop top of every color of the rainbow to adults purchasing attire appropriate for a typical 9-5, Forever 21’s business appeared to be booming. But I guess I shouldn’t judge a book by its cover.
According to npr.org, Forever 21 filed for Chapter 11 bankruptcy protection, and they may close up to 178 US stores, according to court records. In a statement to costumers, Forever 21 announced the reason they are going bankrupt is so that they could take “positive steps to recognize the business so we can return to profitability.”
Linda Chang, the company’s executive vice president, said in a statement that, “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.”
If you are an avid Forever 21 shopper, as of right now, there is no need to fret. The company stresses that even though they are closing a lot of their stores, they are not going out of business. They do not expect to fully exit any major US market.
With that being said, this Forever 21 hiatus appears to be a time for them to reconstruct and make changes to their brand. So do not be discouraged! I for one am looking forward to seeing what comes next for this company, and I am sure others are too.