Forever 21 is set to close numerous stores, particularly in Southern California, amid ongoing bankruptcy proceedings. The decision comes as the company grapples with declining sales and stiff competition from global e-commerce vendors. The closures will affect around 350 stores, with notable locations shutting down from late April to May. This situation follows the company's recent decision to wind down operations after decades as a family-owned business, culminating in a sale to investors in 2020. Efforts to find a buyer to prevent liquidation have yet to succeed, leaving employees facing permanent layoffs.
Forever 21 is moving forward with plans to close hundreds of stores, particularly in Southern California, as part of an ongoing bankruptcy procedure driven by declining sales and strong e-commerce competition.
The company's closures will affect over a dozen locations in Los Angeles and Orange counties, impacting hundreds of employees as part of a larger strategy to cut down operational costs.
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