FASHION: Why we think Forever 21 is heading to bankruptcy
September 2, 2019 Divine Sanchez
Will our favorite go-to shopping store, Forever 21, be forever out of business? If yes, here’s our piece as to why!
Fashion police alert! The authority on fashion & our go-to retailer for must-have styles, Forever 21, is allegedly filing for bankruptcy! And we may just know why…
So if you’re also in shock like us and want a bit of insight regarding the matter, here are a few reasons why the fashion giant is reportedly on the way to being FOREVER GONE!
When you see these two words together it doesn’t really have any horrific appeal to it, doesn’t it? But for retail companies, IT’S A COMPLETE NIGHTMARE! “Retail apocalypse” is a frightening term describing how the ever-changing shopping habits of consumers are affecting chain stores.
You might have heard in 2017 that our favorite businesses like Toys R Us and Payless have filed for bankruptcy. The main reason is that our shopping experience has really come a long way with the emergence of online shopping, door-to-door delivery, etc. So, in turn, these once-successful businesses are struggling to keep up with shoppers. And Forever 21 is no exception!
Forever 21 has been a staple for teens with their easy-to-find and cheap fashion. But nowadays, more and more 20-year-olds are becoming wary of “fashion sustainability”. What does it mean you ask? Well, according to Green Strategy, it’s a form of clothing re-manufactured in the most sustainable manner possible, “taking into account both environmental and socio-economic aspects.”
And as far as we know, even though Forever 21’s clothes are trendy, they’re relatively cheap and disposable, meaning more excess clothes! Consumers are considering to shift away from “fast-fashion” and opting for more sustainable clothing.
There’s still hope
Hope is still not lost for the fashion retail giant as its “filing for bankruptcy” move can be a “reset” for the business. Although it’s mainly a bad thing, bankruptcy can be an opportunity for companies to rebrand while trying to pay its remaining debt.
An example of this is Toys R Us. The toy retail company is opening up new “highly interactive” stores leaning to a more playful environment.
All in all, we can say that this potential bankruptcy filing can be its end, BUT it could also mean another chance to forever! So is it safe to say that Forever 21 isn’t on the road to “forever out of business”? Tell us what you think!
Does Forever 21 filing for bankruptcy its end? Or a desperate move to save the brand? Do you think this will be the last for our go-to shopping store? Share with us your thoughts in the comments down below. Or hit us up on our Facebook or Twitter @UDoUPh.