For around a decade Forever 21 has dominated the teen fashion industry, but things are quickly changing for them.
Irene Kim, a writer for Business Insider, said, “It [Forever 21] transformed its once penniless founders into billionaires and established itself as a powerhouse in the fast-fashion world.”
Forever 21 was at its peak in 2017, making over $6.6 billion dollars that year. Many controversies surrounding the company’s deals causing their recent sales to plummet.
“Jin Sook [the founder] was eventually approving over 400 designs a day. Which meant the company could sell trends as they were happening,”said Kim. “Even if some of those designs landed Forever 21 in trouble.”
Because of some of these controversial actions such as copyright infringement, it became one of the major reasons for the company going under.,
“Forever 21 on Tuesday [Oct 8] released a list of the nearly 180 locations it could potentially close as part of its bankruptcy proceedings,” said Lauren Thomas, a writer for CBS, in her, Here’s a map of the Forever 21 stores that could close by the end of the year article.
With a total of 800 stored around the world, the company has plans on closing over one third of all stores in the next year.
“We do … expect a significant number of these stores will remain open and operate as usual, and we do not expect to exit any major markets in the U.S,” a Forever 21 spokesperson said in a CBS interview.