Forever 21 is... BANKRUPT!

ill_will82

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The internet has put so many stores on their deathbed.

Yup. These big time malls are about to become a thing of the past due to online shopping. Why go anywhere when you can shop from home and get what you want delivered to your home in 5-7 days or less? And cheaper.

I think the small strip malls will still be around though.
 

tater

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Forever 21 too expensive???:mindblown:

Forever 21 is too expensive imo. None of that trash quality, fall apart in the washing machine after one wash attire should be over $10-15. Meanwhile, they consistently have things priced well over that. I'm not a young whipper snapper anymore, but even that crowd is better off going to places like TJ maxx, Marshalls, Nordstrom rack. Catch a sale and get quality items that will last for a few dollars more. But I'm not a trend dresser, I like classic pieces.
 

ill_will82

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Malls charge rediculous rent and it’s only really Saturday and Sunday and holidays most stores make money.

You ain't lying though. Then you have to factor in most people are at their jobs and kids are in school through the week.

I know one mall I use to go to all the time was always on point when I was a kid. Now when I go out there stores stay closing left & right cause ain't nobody buying shyt in the stores b/c they jack up prices to try and make rent. Then another thing is a lot of stores in the malls are clones of each other. Like if I walk into the mall it's a GNC then if I walk to near the end of the first floor there a Vitamin whatever store right there.

When I go to the mall now I barely buy anything. I was at the mall today and I thought about getting something from Dairy Queen changed my mind when real quick when I saw that the first item on the menu was $4.

 
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Oldschooler

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I dislike shopping online personally. Going to the store seeing sizes, feeling the materials, trying them on is much better for the consumer. I don't support online companies even if they don't charge for return shipping. Once stores start leaving malls there'll be more of an equilibrium reached when mall owners start lowering rents. It's a race to the bottom.
 

tremonthustler1

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Yup. These big time malls are about to become a thing of the past due to online shopping. Why go anywhere when you can shop from home and get what you want delivered to your home in 5-7 days or less? And cheaper.

I think the small strip malls will still be around though.

:hhh:
 

Anerdyblackguy

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It’s official

Forever 21, Which Helped Popularize Fast Fashion, to File for Bankruptcy

By Sapna Maheshwari

  • Sept. 29, 2019, 9:04 p.m. ET
Forever 21, the California retailer that helped popularize fast fashion in the United States with its bustling stores and $5 tops, said on Sunday night that it would file for bankruptcy, a sign of the eroding power of shopping malls and the shifting tastes of young consumers.

The private, family-held company capped months of speculation about its restructuring efforts by saying that it would cease operations in 40 countries, including Canada and Japan, as part of a Chapter 11 filing. It will close up to 178 stores in the United States and up to 350 over all.

Forever 21 said that it would continue to operate its website and hundreds of stores in the United States, where it is a major tenant for mall owners, as well as stores in Mexico and Latin America.

“What we’re hoping to do with this process is just to simplify things so we can get back to doing what we do best,” Linda Chang, the chain’s executive vice president, said in an interview. Ms. Chang’s parents, Do Won and Jin Sook Chang, who still run the chain, founded Forever 21 in the 1980s after immigrating to California from South Korea.

The bankruptcy is a blow to a company that prided itself on embodying the American dream, as well as a reminder of how quickly the retail landscape is transforming. Forever 21 experienced big success in the early 2000s with its troves of merchandise that imitated of-the-moment designer styles at rock-bottom prices. It joined Zara and H&M in making fast, disposable fashion widely available to American shoppers, especially young women, who were exposed to new wares seemingly every time they entered a store. But the company expanded too aggressively just as technology was beginning to upend its business.

“We went from seven countries to 47 countries within a less-than-six-year time frame and with that came a lot of complexity,” Ms. Chang said. At the same time, she said, “the retail industry is obviously changing — there has been a softening of mall traffic and sales are shifting more to online.”

Forever 21, which said e-commerce made up 16 percent of its sales, saw its revenue drop to $3.3 billion last year, down from $4.4 billion in 2016. It expects the restructured company to bring in $2.5 billion in annual sales. The company employs about 32,800 people, down from 43,000 in 2016.
 

KENNY DA COOKER

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It’s official

Forever 21, Which Helped Popularize Fast Fashion, to File for Bankruptcy

By Sapna Maheshwari

  • Sept. 29, 2019, 9:04 p.m. ET
Forever 21, the California retailer that helped popularize fast fashion in the United States with its bustling stores and $5 tops, said on Sunday night that it would file for bankruptcy, a sign of the eroding power of shopping malls and the shifting tastes of young consumers.

The private, family-held company capped months of speculation about its restructuring efforts by saying that it would cease operations in 40 countries, including Canada and Japan, as part of a Chapter 11 filing. It will close up to 178 stores in the United States and up to 350 over all.

Forever 21 said that it would continue to operate its website and hundreds of stores in the United States, where it is a major tenant for mall owners, as well as stores in Mexico and Latin America.

“What we’re hoping to do with this process is just to simplify things so we can get back to doing what we do best,” Linda Chang, the chain’s executive vice president, said in an interview. Ms. Chang’s parents, Do Won and Jin Sook Chang, who still run the chain, founded Forever 21 in the 1980s after immigrating to California from South Korea.

The bankruptcy is a blow to a company that prided itself on embodying the American dream, as well as a reminder of how quickly the retail landscape is transforming. Forever 21 experienced big success in the early 2000s with its troves of merchandise that imitated of-the-moment designer styles at rock-bottom prices. It joined Zara and H&M in making fast, disposable fashion widely available to American shoppers, especially young women, who were exposed to new wares seemingly every time they entered a store. But the company expanded too aggressively just as technology was beginning to upend its business.

“We went from seven countries to 47 countries within a less-than-six-year time frame and with that came a lot of complexity,” Ms. Chang said. At the same time, she said, “the retail industry is obviously changing — there has been a softening of mall traffic and sales are shifting more to online.”

Forever 21, which said e-commerce made up 16 percent of its sales, saw its revenue drop to $3.3 billion last year, down from $4.4 billion in 2016. It expects the restructured company to bring in $2.5 billion in annual sales. The company employs about 32,800 people, down from a43,000 in 2016.


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