Already not fashionable: Forever 21 was on the verge of bankruptcy
More recently, Forever 21 was a retailer that satisfied the main need of modern buyers - it offered inexpensive and fast, but still branded and fashionable clothes. And everyone liked it. But now it’s announced that the company is on the verge of bankruptcy.
The thing is that its founders wanted too much and sought to expand more and more retail space, because at first the interest in jeans for $ 17 and T-shirts for $ 9 was more than high.
A rapid reduction in the number of Forever 21 stores has begun across the country. This is happening quietly, without too much fuss and panic, it just gets smaller, as before there were fewer online customers.
Teens and youth went to other sellers, because today fast fashion, like fast food, offers a large number of merchants. Profits flowed to Zara and H&M, and also partially went to online sellers.
Financial analysts have suggested that Forever 21 revenue has fallen by about 20-25% over the past year.
The founders also felt the loss - the owners of Du Won Chang and his wife, Jin Sook, were no longer considered billionaires.
