Nothing lasts forever – not even Forever 21.
The clothing retailer that was once a centerpiece in malls across America filed for bankruptcy again and plans to close its remaining locations for good.
In a statement, the company said it can’t compete with foreign fast fashion retailers.
Forever 21 said its locations outside of the U.S. will remain open.
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“While we have evaluated all options to best position the Company for the future, we have been unable to find a sustainable path forward, given competition from foreign fast fashion companies, which have been able to take advantage of the de minimis exemption to undercut our brand on pricing and margin, as well as rising costs, economic challenges impacting our core customers, and evolving consumer trends,” said Brad Sell, the company’s chief financial officer, in a statement.
The irony is that Forever 21 introduced a generation to fast fashion.
Opening in 1984 in California, Forever 21 became a mall staple in the 2000s. It offered a more affordable alternative to expensive brands like Abercrombie & Fitch and quickly turned trends into attainable merchandise.
But the clothing brand hasn’t been able to keep up with the era of digital influence on consumers and couldn’t quite make the successful jump to e-commerce.
Its website will also continue to operate as it winds down business.
