Forever 21, a fast-fashion retailer, has filed for Chapter 11 bankruptcy for the second time in six years, primarily due to declining foot traffic in malls and increasing competition from online retailers. With around 350 U.S. stores unable to find buyers, the company is likely headed for liquidation. Although its U.S. operations are in jeopardy, Forever 21 stated that its international stores remain safe. The brand's intellectual property may continue under Authentic Brands Group. Liquidation sales and a court-supervised asset sale process are set to follow.
Forever 21's bankruptcy filing signifies severe challenges in U.S. retail, primarily due to online competition and diminishing mall traffic, prompting liquidations for its U.S. stores.
The company has struggled amid the rise of e-commerce and the decline of mega malls, indicating a drastic shift in consumer shopping behavior and retail success.
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