Reports speak of an immediate closure of all its establishments
The passage of time also takes its toll on those brands that are becoming obsolete to make way for new trends and fashions from new firms.
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There are many brands that we knew in the past and that no longer exist, as they were forced to close, either because they were forgotten by people or because they have not been able to adapt to new forms of advertising and technology.
Recently, Billabong, Quiksilver and Volcom announced that they were closing their stores in the United States to reformulate and adapt to the new times, which included a change in ownership, but not the disappearance of the brands.
On this occasion, a historic brand is close to disappearing completely following the recent announcement of its financial problems. This fast fashion chain that could soon close is Forever 21, a firm that once had more than 500 stores open in the United States and more than 800 around the world.
Forever 21 will close all its stores in the U.S. before May 1, but many will shut down before April 1.
Despite managing to recover from the problems it faced in 2020, with a change of ownership included, efforts have not been enough and the company could be considering a second bankruptcy filing that could end the 350 stores it currently has, according to Bloomberg.
Despite this, the CEO of ABG, the company that owns Forever 21, says he is optimistic about competing with the new forms of market that are emerging, as it is a direct competitor with new appearances that have already become giants of the industry such as Temu or Shein.
Temu and Shein are electronic commerce platforms through which it is possible to buy products of Chinese origin, low cost, and medium or low quality.Shein has been operating since 2008, but its success, and almost monopoly, in the market is recent, while Temu, similar to Shein, was launched in 2022.
