Everyone’s go-to place for the trendiest and most affordable clothes is reportedly filing for bankruptcy.
Forever 21, notorious for fast-fashion, has more than 800 stores in 57 countries.
Sales have dropped since last year. Last week, the company hired advisers to re-evaluate debt. Forbes reportedly stated that founders Jin Sook and Do Won Chang lost their “billionaire status” due to the unfortunate events. The Changs migrated to the United States from South Korea, eventually founding the company in 1984. With a combined net worth of $3 billion in 2011, it recently dropped to $1.3 billion. Stores like Charlotte Russe, Gymboree, and Payless filed for bankruptcy this year and Forever 21 may face the same future.
What does this mean for you? Losing Forever 21 may have a huge effect on how teenagers shop for clothes. Forever 21 is one of the brands most teens go-to for several occasions, whether it’s for a party or a casual day out.
The average, 21st-century teenager has a closet containing a variety of the trendiest and the cutest clothing. Teenagers are always looking for “what’s in” these days and Forever 21 gives them that. However, because of these circumstances, your local Forever 21 store may close soon.
