Forever 21, the fast-fashion retailer known for its trendy clothing at affordable prices, filed for bankruptcy on Tuesday. The chain, which employed over 43,000 people worldwide and brought in $4 billion in annual sales, has struggled with declining sales and increasing competition from e-commerce giants.
For many consumers, Forever 21’s appeal lay in the thrill of the hunt for the latest styles at discounted prices. “Is it ever sad when fast fashion bites the dust?” asked Kim France, founding editor of Lucky magazine, which once tracked Forever 21’s trends closely. The retailer’s ability to churn out new styles quickly and at rock-bottom prices was unmatched.
However, as online shopping becomes increasingly popular, Forever 21 has struggled to adapt. “Thin clothes and jewelry that turns green in three days” are common complaints about online shopping, according to pre-law student Safiyyah Burns, who prefers to shop in-store for quality and authenticity.
The retailer’s husband-and-wife founders, Do Won and Jin Sook Chang, made their faith a core part of the business, but it may not be enough to save them now. Forever 21 has previously filed for bankruptcy in 2019 and was bought out by Sparc Group, a joint venture between Authentic Brands Group and Simon Property Group.
The latest filing marks a significant shift towards e-commerce, with Shein, a Chinese e-commerce site known for underpricing even Forever 21, set to operate stores-within-stores at the retailer’s outlets.
Source: https://www.nytimes.com/2025/03/18/style/forever-21-bankruptcy-fast-fashion.html