Clothing brand Forever 21 files for bankruptcy
Recommended for Secondary Grades
On Sunday, Forever 21 Inc filed for bankruptcy in the US.
Since the start of 2017, more than 20 US brands, including Toys ‘R’ Us, have filed for bankruptcy.
Important Details
- The rise of online commerce has seen the fall of many companies, like Forever 21, that rely on brick-and-mortar (physical) stores.
- Forever 21 is also seen to have lost out on business due to competition from other fashion brands like H&M, Zara, etc.
- The company plans to close most of its stores in Asia and Europe but will continue operations in Mexico and Latin America. Last week, it also said that it would close all 14 stores in Japan by the end of October.
- Bankruptcy is a legal process through which individuals or companies who cannot repay debts to creditors may seek relief from some or all of their debts. In most places, bankruptcy is imposed by court order, often initiated by the debtor.
- Forever 21 is a clothing brand that offers cheap and fashionable clothing. It was especially popular among the youth, even in India.
- It was founded in 1984 in the US, by Korean immigrants Do Won Chang and Jin Sook Chang.
- Forever 21 currently has 815 stores in 57 countries, which it plans to reduce to about 45o.
Similar Stories
- Airline Troubles: Why Go Air is Going Bankrupt!
- Tupperware in Trouble: What Happened?
- Virgin Orbit shuts down: No more rockets!
Curious Times is a leading newspaper and website for kids. We publish daily global news aligned to your learning levels (also as per NEP 2020): Foundational, Preparatory (Primary), Middle and Senior. So, check out the News tab for this. We bring kids’ favourite Curious Times Weekly newspaper every weekend with top news, feature stories and kids’ contributions. Check out daily JokesPoke, Tongue Twisters, Word of the Day and Quote of the Day, kids need it all the time.
ME – My Expressions at Curious Times is your place to get your work published, building your quality digital footprint. And it is a good way to share your talent and skills with your friends, family, school, teachers and the world. Thus, as you will step into higher educational institutes your published content will showcase your strength.
Events, Quizzes and Competitions bring students from over 5,000 schools globally to participate in the 21st-Century themes. Here schools and students win certificates, prizes and recognition through these global events.
Sign-up for your school for FREE!
Communicate with us: WhatsApp, Instagram, Facebook, Youtube, Twitter, and LinkedIn.
0 (Please login to give a Curious Clap to your friend.)