LOS ANGELES: Fast-fashion retailer Forever 21 Inc filed for bankruptcy late on Sunday (Sep 29), joining a growing list of brick-and-mortar companies that have succumbed to the onslaught of online sellers such as Amazon.com Inc and ever-changing fashion trends. Forever 21, which popularised trendy and inexpensive clothing, has fallen out of favour with shoppers due to strong competition from other retailers such as H&M and Zara. Adding to its problems, younger and more environmentally conscious shoppers are now choosing brands that ethically source garments instead of retailers that use cheap fabrics to make T-shirts that are snapped up for US$5. “The brand (Forever 21) has lost much of the excitement and oomph, which is critical to driving footfall and sales,” said Neil Saunders, managing director of retail research firm GlobalData Retail. Commentary: Consumerism is hitting a crisis – millennials staying away from shops Forever 21, which has 815 stores in 57 countries, said the restructuring will allow it to focus on the profitable core part of its operations and shut stores in some international locations. It has requested approval to close up to 178 US stores, with decisions as to which outlets it will close still pending. Forever 21 still… Read full this story
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