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Forever 21 Set To Close Almost 180 Stores Following Bankruptcy, And It's Truly The End Of An Era

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.

It's official: fast fashion retailer Forever 21 has filed for Chapter 11 bankruptcy status.

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Earlier in September, whispers of the global fashion retailer's inevitable bankruptcy were making their rounds, eventually coming to its ultimate demise.

Forever 21 announced plans to close all of their stores in Canada, and most of their locations in Asia and Europe.

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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.

While Forever 21's not officially gone just yet, their accelerated expansion both nationally and globally, digital competition, and less frequent in-store shoppers have contributed to hurting the business.

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However, they remain hopeful in reorganizing their business strategies and objectives to continue to propel their business.

They will still be accepting gift cards during bankruptcy status, as well as returns and exchanges, but definitely spend them in case they liquidate!

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This is definitely an end of an era, and other fast fashion retailers may be looking to change their business models while they can.