Forever 21 files for bankruptcy

Popular retail chain seeks for new plan to recover sales

NOT+THE+END-+Forever+21+hopes+to+recover+from+recent+financial+struggles.
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Forever 21 files for bankruptcy

NOT THE END- Forever 21 hopes to recover from recent financial struggles.

NOT THE END- Forever 21 hopes to recover from recent financial struggles.

Photo by Haruka Sakaguchi via The New York Times

NOT THE END- Forever 21 hopes to recover from recent financial struggles.

Photo by Haruka Sakaguchi via The New York Times

Photo by Haruka Sakaguchi via The New York Times

NOT THE END- Forever 21 hopes to recover from recent financial struggles.

Emily Jackson, Copy & Features Editor

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The Los Angeles-based clothing retail chain Forever 21 is now filing for bankruptcy. Due to major sales decline in recent years, the company plans on closing 350 stores worldwide, and up to 178 in the United States, according to the New York Times.

Founded in the 1980s by immigrants from South Korea, Do Won and Jin Sook Chang, the popular chain has served as a symbol of the American Dream. While the founders still run the chain, experts point to the company as a new symbol of the changing clothing retail scene. With the rise of online shopping, consumers are increasingly skipping out on store shopping- why go out when you could do it all with the click of a button, right?

“Amazon Prime has a one-day shipping convenience which saves me incredible amounts of time and I can buy anything I want in three clicks,” senior Ben Torres said.

However, this doesn’t mean Forever 21 is finished for good. As the retail chain has filed a Chapter 11 bankruptcy, there is hope for recovery in the future. Forever 21 has come out and said they are “planning a global restructuring strategy and has obtained $350 million in financing.”

The goal here is that with the decrease in store number and new retail strategy, Forever 21 would be able to recover for lost sales. We’ll have to see how successful the chain is in the upcoming months.

“It’s sad to see nostalgic brands that I’ve known for so long decrease in sales and lose momentum,” Torres said.

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