An American fast fashion retailer, headquartered in Los Angeles, California, ‘Forever 21’ is preparing to shut its operations in more than 100 retail stores which wrestles with luxurious store arrangements, falling consumer footfalls and the stiff completion from e-tailers.
Family owned empire, Forever 21 founded by Do Won and Jin Sook Chang, a husband-and-wife team in 1984 as Fashion 21 in Los Angeles after immigrating to the U.S. from South Korea. Having no college degrees and no savings they were able to manage the brand Forever 21 With about 785 stores worldwide, including 534 company-owned locations in the U.S. to become one of the largest specialty apparel retailers.
The fast – fashion retailer was aggressive in expansion of stores by opening more than 200 stores in foreign markets from 2005 to 2015, where generating net worth $5.9 billion, at its peak. The retailer still not clarified the locations and the exact number of stores to be closed but still promised the customers to offer the services like gift cards, exchanges and returns.
As soon as the bankruptcy filed against the company the net worth declined to $1.6 billion, this July. The company majorly has the collection of accessories, beauty products, home goods and clothing for women, men and children, employing nearly 32,800 employees worldwide whose career is in a delicate stature.
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