Forever 21 Is On The Verge Of Bankruptcy
And that’s not a cute slogan we’ll find on one of their tops.
As Forever 21 sales decline, with a general decline of fast fashion, Forever 21, according to reports from Bloomberg, may begin to prepare for a potential bankruptcy filing. In the past year, the stores' sales have suffered a drop of around 20-25%, partially due to the ethics of manufacturing and sustainability.
Despite seemingly unusual partnerships (like Hot Cheetos) and taking over the hearts of thousands of teenage girls, Forever 21 may need to file for bankruptcy to cut down expenses and close unprofitable stores. However, in shopping malls especially, it may be difficult for landlords to fill the spaces.
Bankruptcy may allow the brand to reinvent themselves, and take a step back into what they traditionally were, rather than the wider merchandising that has taken place over the last few years, and lost them several fans.
This seems to be following the U.K. based brand TopShop, which also recently filed for bankruptcy and closed all U.S. stores.
Forever 21 has yet to comment.
Image credit: Marco
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