Do Won and Jin Sook Chang founded Fashion 21 in 1984, which evolved into Forever 21, a key player in fast fashion. However, the brand has announced plans to close around 200 stores, including its headquarters in Los Angeles, as part of a bankruptcy filing. This marks their second bankruptcy in six years and reflects a significant decline from their peak when they operated over 800 stores globally. Industry experts attribute their downfall to rapid expansion, poor trend adaptation, and increasing online competition.
"The company's time in the limelight, however, is coming to an end. The U.S. operator of Forever 21 plans to close roughly 200 stores as well as its downtown Los Angeles headquarters."
"Forever 21's fall to near irrelevance from retail pioneer was driven by several missteps, including expanding too rapidly and failing to keep up with rapid changes in fast-fashion trends."
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