Whether you’re a fan or not, Forever 21 has always claimed its place in the fashion industry. If you want to try the latest trends without spending a lot of money, or if the small price tag is exactly what you’re looking for, Forever 21 has made its way into every teenager’s closet. Personally, I spent many hours scrolling through the endless pages of forever21.com, wasting time and eventually spending unnecessary money. The quality was sometimes questionable, but it almost never let me down. I was so sure that a huge company like Forever 21 would last forever, but as the recent news has come out, they have filed for bankruptcy, leading many to question: what is going to happen to this multi billion company?
According to Business Insider, Forever 21 had made around 4.4 billion dollars at its peak, but currently are planning to close around 178 stores across the nation. They are currently five million dollars in debt, and have been accruing that for a few years now. However, their spokesperson has stated that they are not planning on going out of business, so there is hope yet.
Forever 21 was created by two Korean immigrants who wanted to get into the fashion industry. Jin Sook and Do Won “Don” Chang saw that a lot of money could be made through fashion, so they saved up and opened up the very first Forever 21 store, previously called Fashion 21. They made around $700,000 their first year, and things were good for a while… until now. Whatever your opinion is on the company, it cannot be denied that they have a strong standing in the fast-fashion industry, and they are planning on not letting that go anytime soon.