It’s a sad day for all Forever 21 fans as the very popular clothing store might be shutting down soon. If you’re a loyal Forever 21 customer, you might have caught wind that it hasn't been doing so well these days and might be on the verge of shutting down. On Sunday, the US fashion retailer confirmed that it’s filing for Chapter 11 bankruptcy. Can you hear our teenage dreams being crushed?
With over 800 stores in 40 countries, Forever 21 has been the go-to store for so many fashion enthusiasts across the globe. Neons, animal prints, statement jewellery, denim boots, cute makeup - Forever 21 has given other brands a run for their money with its collection every year. And if you're a shopaholic, then you must have, at some point, bought almost half the store during the sale season.
So, it did come as a shock to us when the first set of rumours started to float across social media about the company filing for bankruptcy. Even though they make a whopping $3 billion dollars every year, things went wrong.
Despite being a forerunner in the world of 'fast-fashion', Forever 21 saw a rapid decline in sales and is unable to match up with its major competitors, thus they took this decision. Numerous other reasons are being cited and this video explains it all...
The internet is in mourning because one of the most prominent brands for millennials is going through such a rough phase. People have been tweeting their thoughts.
The retailer has announced that it'll shut down 178 stores in the US alone and a total of 350 stores across the globe. The company also released a statement saying, "We do however expect a significant number of these stores will remain open and operate as usual, and we do not expect to exit any major markets in the U.S". Our hearts cannot take this.
In a press release, Linda Chang, Executive Vice President of Forever 21, said that it's "an important and necessary step to secure the future of our Company, which will enable us to reorganize our business and reposition Forever 21." We hope they recover their losses soon.
Featured Image: Fox2now.com
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