Forever 21, a staple for young shoppers since its founding in 1984, is closing all its U.S. stores after filing for bankruptcy for the second time in six years. The company has struggled with declining sales due to inflation and fierce competition from online retailers like Temu and Shein. Liquidation sales have already commenced, and while some stores in New York City remain open for now, the outlook is grim. The retailer hopes to find a buyer to take on its inventory.
The iconic retailer, which was founded in 1984, filed for bankruptcy for the second time in six years and, this time around, all their shops are shuttering for good.
Despite its massive popularity and more than 350 locations, the store blamed soaring inflation as well as competition from Chinese retailers like Temu and Shein as reasons for its demise.
Although it's unclear when, exactly, the NYC stores will close, liquidation sales at Forever 21 stores across the country have already begun.
Forever 21's managing company will stop operating in the U.S., but it is holding out hope that a buyer will take on its inventory.
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