Everyone’s favorite avenue for hipster fashion – Forever 21 – may be in a dire state as recent reports claim that are preparing to file for bankruptcy soon.
Forever 21 has been everyone’s favorite go to fast retail fashion shop for the better part of 35 years now. Hard to believe they have been in business for as long as they have, but it is a fact as they were founded originally in 1985. Now, as we are learning, the empire that is Forever 21 is slowly crumbling before our eyes, unfortunately. It may not be as severe as it looks on the surface nor is it the beginning of the end for their brand, but this new news reminds us that no brand is powerful enough to be invincible.
Several major news outlets like Bloomberg are currently reporting that the retail brand is preparing to file for bankruptcy. The reason being because the former cash cow is now dwindling down in how much cash it brings in on a regular basis.
In this day and age, the news is not surprising. Well, the fact that they are filing for bankruptcy is surprising and a little bit concerning for its employees even, but it is not surprising that the store is not bringing in as much money as it once used to. In this day and age, all retail stores are not as hot as they once were because of online stores. Most customers would much rather stay in and shop from the comfort of their home than go out and burn gas driving to a retail store out of their way. Nothing that Forever 21 did wrong. Just the way of the times.
Hopefully, this bankruptcy does more to help Forever 21 and its employees than harm them and get them out of the crunch they are currently in.