One of the most recent news in shopping is the filed bankruptcy of the popular clothing store, Forever 21. At its peak, Forever 21 made $4.4 billion in revenue. The company will cease operations in 40 countries and close up to 350 stores around the globe.
Forever 21 has been the fastest-growing fashion retailer in America. Their clothes embody new styles and chic looks for a cheap price. The company’s key to success was cultivating a huge following by selling trendy clothing for great prices. While this is something that today’s buyers pretty much expect, Forever 21 was the first to do it. And the most successful.
Forever 21 filed for Chapter 11 bankruptcy, which does not mean all stores would close. It will give the company time to restructure and bounce back. New rising brands such as Fashion Nova, H&M, and Zara Rose are competing to be the “new” Forever 21 with cheap prices, new styles, and social media campaigns.
Forever 21’s goal was to become an $8 billion company by 2017. Another goal was to open 600 new stores in the upcoming three years. The company is now $500 million in debt and going downhill fast.
So what will happen to Forever 21 now? Will it get the bankruptcy or no? And will this popular clothing store ever bounce back?
Apparently, Forever 21 is not forever anymore.