NEWSLETTER
Transcription:
Kelsey Barberio: A retailer once popular is closing its doors in the United States forever. Forever 21 announced that it has declared bankruptcy for the second time in just six years, and will implement an “orderly mess” of its stores here in the United States.
The company's CFO issued a statement that said: “We have not been able to find a sustainable way forward, given the competition of foreign fashion companies … as well as the increase in costs, the economic challenges that affect our central clients and evolve consumer trends.”
Forever 21 declared bankruptcy for the first time in 2019, and closed 200 of its 800 world locations. Now, according to its website, Forever 21 currently has 540 locations, worldwide and online.
Related: Retail sales add new complications to Fed rates cutting forecasts
However, Forever 21 is certainly not only when it comes to store closures. According to Foresight Research, the main American retailers closed more than 7,300 stores in 2024. That is an increase of almost 60 percent compared to the previous year.
That will do that for your daily information session. From the New York Stock Exchange, I'm Kelsey Barberio with Thestreet.
Look Icymi this week:
- How southwest, the main airlines do in pictures
- The objective flies a red flag for retailers everywhere
- The expert sounds alarm on the consumer spending of the USA.
- The commercial war with the EU can send wine, champagne prices shoot
