No longer fashionable: Forever 21 was on the verge of bankruptcy
More recently, Forever 21 was a retailer that met the main need of modern consumers - offering inexpensive and fast, but still branded and fashionable clothes. And everyone liked it. But now it is announced that the company is on the verge of bankruptcy.
The thing is that its founders wanted too much and sought to expand their retail space more and more, because at first the interest in jeans for $ 17 and T-shirts for $ 9 was more than high.
All over the country, the number of Forever 21 stores began to decline rapidly. This is happening quietly, without unnecessary fuss and panic, it is just that there are fewer of them, as before there were fewer customers in the network.
Adolescents and youth went to other sellers, because today fast fashion, like fast food, is offered by a large number of merchants. The profits flowed to Zara and H&M, and partly went to online sellers.
Financial analysts suggested that Forever 21's revenue has dropped by about 20-25% over the past year.
The founders also felt the loss - the owners Du Won Chang and his wife Jin Suk were no longer considered billionaires.
