Forever 21 is set to close its stores, with gift cards and store credit only valid until the end of the day on Tuesday. After filing for bankruptcy for the second time in six years, the company is finalizing its operations due to unsuccessful efforts to find a buyer. Numerous factors contributed to its downfall, including the COVID-19 pandemic, inflationary pressures, and increased competition from online brands like Shein and Temu. The bankruptcy process pertains only to its US stores, with over 350 locations expected to shut down by May 1.
Forever 21's decision to close its stores signals a significant shift in the fast-fashion landscape, exacerbated by competition from online retailers and recent economic challenges.
The retailer's failure to adapt to changing market conditions, including the pandemic's impact and inflation, has led to its inability to secure a sustainable business model.
Customers holding Forever 21 gift cards must act fast, as the company will only honor them until the end of the day Tuesday, marking the end of an era.
After filing for bankruptcy for the second time in six years, Forever 21 is closing over 350 stores by May 1, affecting its entire US operations.
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