Another store bites the dust.
We are losing our brick and mortar retail to Amazon, Shein and Temu. All things Forever 21 can be found on these sites and get delivered to your door, so why would we get in the car and drive to a store to get it?
Forever 21 said that its stores and website in the United States will remain open and continue serving customers for now, but it is implementing an “orderly wind-down” of its business in the country. They will conduct liquidation sales at its stores and that it was seeking a buyer for some or all of its assets.
Brad Sell, the company’s chief financial officer, said in the statement: “We have been unable to find a sustainable path forward, given competition from foreign fast fashion companies… as well as rising costs, economic challenges impacting our core customers and evolving consumer trends.” The company is also sensitive to President Donald Trump’s tariff hikes on Chinese imports into the United States.