Forever 21 has filed for bankruptcy twice in the last six years.
Transcript:
Kelsey Barberio: A once popular retailer is closing its doors in the U.S. for good. Forever 21 announced it has filed for bankruptcy for the second time in just six years — and it will be implementing an “orderly wind-down” of its stores here in the states.
The company’s CFO released a statement saying, “We have been unable to find a sustainable path forward, given competition from foreign fast fashion companies… as well as rising costs, economic challenges impacting our core customers and evolving consumer trends.”
Forever 21 first filed for bankruptcy in 2019, and closed 200 of its then 800 worldwide locations. Now, according to its website, Forever 21 currently has 540 locations, globally and online.
However, Forever 21 is certainly not alone when it comes to store closures. According to Foresight Research, major U.S. retailers closed more than 7,300 stores in 2024. That’s an almost 60 percent increase from the year prior.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Kelsey Barberio with TheStreet.
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