Major fast-fashion retailer, Forever 21, is a key player in the high street fashion industry and one of the largest tenants of American malls.
Over the years, the Los Angeles-based brand has managed to establish itself as a fan-favorite amongst teens looking to get fashionable, affordable clothing, but it recently seems to have hit hard times.
From declining sales to struggling to pay vendors and landlords, it isn't looking good for the retailer. In fact, the future is looking so bleak that the company is allegedly preparing for a potential bankruptcy filing, according to Bloomberg.
Keep scrolling to get all the details on the uncertain future of the fast-fashion chain.
In the U.S., we're in the middle of what's being described as a "retail apocalypse."This year alone, over eight-thousand American retailers have announced store closures.
In the age of online shopping, it's no surprise that the high-street is depleting.Landlords are already struggling to fill retail space in major malls and, with the rise of online shopping, offering convenience and ease to consumers right at their fingertips, it doesn't look likely it'll get any easier.
Earlier this year, we witnessed what may be one of the largest retail liquidations in history.In February, discount shoe company, Payless, filed for bankruptcy and announced plans to close all 2,500 of its stores.
And many other major stores are also hitting hard times.UK-based brand, Topshop, recently filed for bankruptcy and closed all eight-hundred of its branches in the U.S. as a result of its money troubles. Gymboree, Dressbarn, and Gap are also big-name brands who've been forced to close hundreds of stores this year.
And it looks like Forever 21 is the next to be hit.It isn't looking good for the fast-fashion retailer...
Forever 21 was once a staple amongst teen girls.
The retailer is one of the largest tenants in American malls.
The chain was founded in 1984 by husband-and-wife, Jin Sook and Do Won Chang.The couple started the company after moving to the United States from South Korea.
Its global success earnt the pair billionaire status.Before the company hit hard times, the husband-and-wife duo were estimated to be worth a staggering $3 billion. Now that's some big bucks.
But the pair's finances have recently taken a big hit...
As a result of the store's turmoil, according to Forbes, in July, the founding-couple reportedly lost their billionaire-status.The outlet now estimates that the pair are worth $1.6 billion - which is quite a hefty pay cut.