Fast fashion retailer Forever 21 opened their doors in 1984 in Los Angeles, California. Created by South Korean immigrants Do Won and Jin Sook Chang, the husband and wife duo used their knowledge of trends to create an empire, eventually expanding all across the world.
Now, 35 years later, the company is reeling from the effects of the dynamic and rapidly evolving consumer landscape, giving in to the unfortunate fate of bankruptcy.
According to USA Today, they also plan to close almost 180 stores out of their 534 locations across the United States, which have yet to be identified at this time.
However, the final number of store closures all depends on lease negotiations with landlords across the country.
However, they remain hopeful in reorganizing their business strategies and objectives to continue to propel their business.
This is definitely an end of an era, and other fast fashion retailers may be looking to change their business models while they can.
