Forever 21 files for bankruptcy and will close up to 178 US stores

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    • #168922
      LiberalElite
      Member
      • Total Posts: 1,443

      https://www.cnn.com/2019/09/29/business/forever-21-bankruptcy/index.html

      New York (CNN Business)Forever 21, the teenage clothing emporium that rode America’s mall boom and bust, has filed for bankruptcy.

      The chain said it is planning to overhaul its global business, closing between 300 and 350 stores, including as many as 178 in the United States. It also plans to exit “most of its international locations in Asia and Europe.” The company, which currently has 549 US stores and 251 in other countries, will continue to operate in Mexico and Latin America.

      In a letter to customers on Sunday night, the company said that decisions about which US stores would close were continuing, “pending the outcome of continued conversations with landlords.”

      “We do however 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 US,” the company said.

      I feel much better since I gave up hope.

      "If everyone demanded peace instead of another television set, then there’d be peace." – John Lennon

    • #168998
      MistaP
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      • Total Posts: 2,559
    • #169572
      David the Gnome
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      • Total Posts: 2,371

      In my neck of the woods, in northern Maine, most of our big chain stores are gone, much the same way the mom and pop stores went before them.  The only nearby mall is pretty empty most days, it was a busy, booming place back when it opened in 99 or so, but then the super Walmart came.

      Now, with Amazon and a couple of others having dominated the market, there isnt exactly much variety.  There are a lot more thrift stores now, a lot more dollar stores…

      Generally speaking though, quality products at a reasonable price?  Not really.  Basically, we get lower quality everything for a lower price… for now.

      Technology, automation, drone deliveries and so on – are ultimately going to eliminate most if what remains.  Jcpenney, Kohls, whatever is left of Kmart – and over time (unless they somehow adapt successfully) Walmart and Target, too.

      It is what it is.  Expect a lot more of this to come – and for the service industry to die a slow death.  If the people of America do not somehow adapt, we will be at the mercy of whatever few monopolies remain in the future.

      So much for all that free market bull shit.

      • #173618
        davidpdx
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        • Total Posts: 286

        @davidthegnome in many ways the management of these retain chains are to blame as well. Look at what that jackass Eddie Lampert did to Sears and K-Mart. He ran them into the ground and then picked the meat off the bone of what was left. It was absolutely criminal. Also the management of most of these retailers did not foresee the technology change coming and adapt quickly enough (in terms of building an online presence). JCPenny’s was another one that was mismanaged. One CEO came in and eliminated their whole discount program and people stopped shopping there. The examples go on and on. Mismanagement and not foreseeing future trends will end up hurting industries. The retail industry has found that out the hard way.

        American living abroad in South Korea and a proud progressive.

    • #170044
      Mr. Mickeys Mom
      Moderator
      • Total Posts: 3,304

      Well…. There goes one half of our Mall’s upper level… If this doesn’t kill the mall off, I don’t know what will.

      Hell, no... I'm not giving up...

      • #173622
        davidpdx
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        • Total Posts: 286
        @mrmickeysmom malls are going to become a thing of the past. The only way some of them are surviving is knocking down the insides and putting in big box retailers like Lowe’s or Home Depot as anchors. I know one mall in Portland that did that a number of years ago (Mall 205). The other two major malls in the Portland area are hurting bad (Lloyd Center and Clackamas Town Center) because of Sears and Macy’s closing stores (disclaimer: I worked for Meier and Frank which was bought by Macy’s a number of years ago).

        American living abroad in South Korea and a proud progressive.

    • #173716
      Ohio Barbarian
      Moderator
      • Total Posts: 13,725

      I must be old. I never heard of this store.

      It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs

      If Democrats don’t stand for the people, why should people stand for them?--Jim Hightower

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