Forever 21 files for bankruptcy and will close up to 350 stores after [tr]

UK Daily Mail ^ | September 30, 2019 | Isabella Nikolic

[C19fan]

Global fast-fashion retailer Forever 21 announced it was filing for voluntary bankruptcy yesterday.

The move will see the retailer close up to 350 of its stores worldwide, including up to 178 in its main US market.

The Chapter 11 filing is a 'deliberate and decisive step to put us on a successful track for the future', the firm said in a statement.

[C19fan]

Amazon claims another victim.

[Mr. K]

I refused to buy stuff from those places when my daughters were growing up. They felt like they were made of tissue paper and would not survive the first wash.

[cnsmom]

With fewer of these stores maybe the gang and fighting in malls will lessen. Stores that sell very inexpensive clothing attracts young groups to cause trouble in malls.

[Aquamarine]

Have found an online store that sells quality name brands for a discounted price called Boscovs. All their store locations are up north so being in the south I'd never heard of it before finding their site online.

[Diana in Wisconsin]

They need to re-brand themselves as ‘Forever 59’ and sell soft, stretchy clothing, play a lot of quiet pop music and serve coffee and/or Chardonnay depending upon the time of day.

Gold mine, Baby! ;)

[ifinnegan]

Forever 21 puts Bible verses on their bags.

[Rockingham]

Add in some complimentary aromatherapy, cozy seating, and several cuddly store cats and you will need extended hours.

[Southside_Chicago_Republican]

The Forever 21 in our local mall took over the space where Borders used to be.

[1Old Pro]

Well, there’s always LL Bean

[PUGACHEV]

I never shopped there, but I was fond of the name. It reminds me of my daughter, who graduated from college at age 21. She was so beautiful and so smart. How proud of her I was then. I’m proud of her now, and all of her accomplishments, but I think 21 was a magical age for her, all brightness and potential.

[dfwgator]

Bad management claims another victim.

[Zhang Fei]

I think it’s more the fact that the company stacked up debt instead of going public to raise money for expansion. Reminds me of Dave and Barry’s. The owners got greedy and wanted to keep owning the shares 100%, while expanding rapidly using loans. Even Sam Walton needed to go public to fund Walmart’s expansion. Having an equity cushion from a stock offering also lowers loan interest expenses. But the owners just had to hold out for top dollar.

[bgill]

Proving you can’t be 21 forever.

[Secret Agent Man]

You cant blame it solely on amazon.

This is a store that has narrow limited appeal in competition with thousands of other places that sell similar fashions. And quality of what’s sold also is a factor. And their target market is a factor as well.

Stores selling crap/poor quality stuff will not last long on amamzon, due to bad reviews, seller feedback and amazon getting tired of them having a negative impact on selling on amamzon.

[minnesota_bound]

#3 Nope, the malls will bring in the swap meet sellers.
More mayhem to follow.

[Billthedrill]

They need to re-brand themselves as ‘Forever 59’ and sell soft, stretchy clothing, play a lot of quiet pop music and serve coffee and/or Chardonnay depending upon the time of day.

Egad. I think you're onto something. 59 is the new 29.

[Diana in Wisconsin]

“59 is the new 29.”

It is at MY house...most days, LOL!

[Gay State Conservative]

There's a big one in the mall near me where I go to walk in bad weather. only occasionally do I see anyone go in or out...usually young girls...20s.

[SamAdams76]

I was between houses earlier this year and spent six weeks living in a hotel. There was a mall right across the street and I hung out there often, mostly for the free wi-fi and to get away from the cramped room.

Anyway, I have no idea how malls stay in business these days. As I walked around the mall, the vast majority of the stores were basically empty with employees doing busy work, folding clothes, re-arranging shelves and what not.

The only busy places were the coffee shops (i.e. Starbucks) and the Apple and Microsoft stores. Otherwise, everybody sort of hung out in the common areas sipping coffee and taking advantage of the free Wi-Fi.

I'm going to miss the malls when they are gone. A piece of my youth. During the 1980s, the malls were SLAMMED with people. It was where young people hung out.

Remember "Tape World"? I got most of my Journey and Rush tapes there back in the day.

[Trump Girl Kit Cat]

I am a woman AND have not set foot in a mall in 4 years, I purchase EVERYTHING on line except groceries!!!