Forever 21 Faces Second Bankruptcy: Nearly 200 Store Closures Loom
Forever 21, the once-popular fast-fashion retailer, is preparing to close nearly 200 stores as part of its second bankruptcy filing. The company, which first filed for bankruptcy in 2019, has struggled to compete with rising costs, evolving consumer trends, and fierce competition from online retailers like Shein and Temu. The closures are expected to impact Forever 21's U.S. operations, with liquidation sales already underway at many locations. While the brand name will remain under the ownership of Authentic Brands Group, the operating company is seeking potential buyers to avoid a complete shutdown. Forever 21's challenges highlight the shifting landscape of retail, where traditional brick-and-mortar stores face mounting pressure from digital competitors and changing shopping habits.
