Forever 21 has officially filed for bankruptcy — because it turns out, nothing lasts forever
After months of speculation, Forever 21 has officially filed for bankruptcy. The brand is the latest in a long line of fashion chains to buckle amid a changing retail landscape caused by the rise of online shopping, which has left many of our favorite mall stores in the lurch.
As consumers continue to embrace online shopping and its fast (and often free) shipping, as well as a wide range of options at varying price points, it seems Forever 21 has struggled to find its footing. Bloomberg reports that the Los Angeles-based retailer filed for Chapter 11 bankruptcy with plans to close “unprofitable” stores in hopes of turning business around, meaning that as of right now, not all stores will be closed.
There are about 800 Forever 21 stores in the U.S., Europe, Asia, and Latin America, and so far, we don’t yet know how many of those will close and when. Bloomberg notes that many of the chain’s international locations in Asia and Europe are slated to shutter, but those in Mexico and Latin America will remain open for now.
The bankruptcy filing is bad news for the malls in which most Forever 21 stores are large tenants, especially as brick-and-mortar shopping centers continue to struggle with the growth of online shopping.
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Of course, the news has been met with mixed reactions online, thanks to Forever 21’s polarizing reputation. Fast fashion is notoriously controversial because it’s not the most sustainable (nor ethical) way to shop, with the potential for exploitation of workers and the environment to get those trendy $9.99 T-shirts into our hands. false
Fast fashion, animal agriculture and gas/oil are the biggest contributors to climate change – bye, bye Forever 21.. I can only pray the rest of fast fashion declines.
— Steph 🌵🌱🦂 (@sarizona2005) September 30, 2019
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Others joked about the brand’s target demographic, limited size options, and sometimes ridiculous designs.
Now that Forever 21 is closing the ancient spell has been broken and thousands of customers will begin rapidly aging to their true age
— Tom and Lorenzo (@tomandlorenzo) September 30, 2019
Forever 21 just filed for bankruptcy. Turns out you can make money if you acknowledge that women exist who are fine with aging past 21
— Whitney Cummings (@WhitneyCummings) September 30, 2019
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Forever 21 is filing for bankruptcy, big whoop, every 21 year old is poor.
— sarah schauer 🦂 (@sarahschauer) September 30, 2019
But if Forever 21 is going out of business, where will I get my “Mermaid Off Duty” and “Cardio is Hardio” graphic tees?
— sarah schauer 🦂 (@sarahschauer) September 30, 2019
Forever 21 knows what I need in my wardrobe pic.twitter.com/VfZGr242DZ
— Jesse Nowack (@Nowacking) September 29, 2019
Forever 21 has filed for Chapter 11 bankruptcy, which is odd since it's usually just their earrings & necklaces that are broke.
— 22Minutes (@22_Minutes) September 30, 2019
Still, others were not-so-secretly excited about the chain’s upcoming liquidation sales, lamenting the loss of an accessible and affordable option for clothes and accessories. false
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Only time will tell what the future holds for Forever 21, but for now, we’re going to pour one out for the mall store of our high school and college wardrobes. RIP to a little piece of our youth — our thoughts are with the employees impacted by the closures, first and foremost, and we hope they are able to land on their feet elsewhere.
