Forever 21, a popular store among many young women has filed for chapter 11 bankruptcy. Chapter 11 bankruptcy is simply reorganization of the business to help keep it alive. It has struggled due to its competition with online stores. The retail industry has simply changed since technology made online shopping possible.
Forever 21 is not the only one that is being affected though. Many department stores and small shops have shut down their stores due to the same reasons; not being able to keep up. As for Forever 21, they plan to close between 300 and 350 stores. Around 178 of those in the US, and the others in international locations like Asia and Europe.
Around the high school many girls talk of where their next go to store will be if Forever 21s close around us. It’s hard to believe that Forever 21 of all stores is the one struggling. The store is always filled. Freshmen Maddie Kratz states,” That’s my favorite store. I hope at least some stay around or that another store opens similar in clothing styles and pricing.”
Only time will tell if this much-loved store will make it and if other stores will too. Fingers are crossed that it will.