The fashion and clothing retailers filed for bankruptcy on Sunday, joining the ever-growing list of US merchants unable to compete with the popularity of e-commerce.
More than 20 American retailers have declared bankruptcy, such as Toys ‘R’ Us and Sears Holding Corp. for this reason. Forever 21 plans on shutting down up to 178 stores across the US and Canada, as well as most stores in Asia and Europe. The company previously had 815 stores in 57 countries. With better financing and fewer stores, the family built company hopes to rid itself of unprofitable outlets and raise fresh funds. However, many think the reason behind the failing business is not e-commerce competition, but rather the way the retailers keeps up with trends and stock their stores.
But if Forever 21 is going out of business, where will I get my “Mermaid Off Duty” and “Cardio is Hardio” graphic tees?
— sarah schauer (@sarahschauer) September 30, 2019
Kindly excuse me while I buy this and I pretend I wouldn’t have cringed at it for having emojis on it if I saw it at forever 21 lmaooooo pic.twitter.com/3D0fLt5aeE
— ً (@mensmwear) September 27, 2019
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