Forever 21 has filed for bankruptcy for the second time in six years, citing competition from foreign fast fashion retailers. The company will conduct liquidation sales at its stores and is seeking a buyer for some or all of its assets. The retailer’s US stores and website will remain open as it implements an “orderly wind-down” of its business in the country. Forever 21 struggled to keep up with Chinese e-commerce giants and faced challenges from rising costs and evolving consumer trends. The company first filed for bankruptcy in 2019 and was subsequently bought by a team of mall operators and a brand management firm, but its outlook remained bleak.
Source: https://abc13.com/post/forever-21-files-bankruptcy-close-us-stores/16037060/
