Mall staple Forever 21 is set to permanently close all of its stores in the United States after filing for bankruptcy for the second time, NBC reported. The operator of its U.S. branch blamed the decision on rising costs and consumer trends. Although the youth fashion retailer’s stores and U.S. website remain operational, the company has begun winding down and is seeking a last-minute bidder to offload its assets. Originally founded in 1984 by Korean immigrants in California, Forever 21 became a mall staple for younger customers looking for designer-inspired styles at a discounted price. The company’s sales reached $1 billion in 2005. But by 2010, the brand began to lose steam to uber-cheap rivals like Shein. By 2019, the company’s plight only worsened due to COVID-19. It filed for bankruptcy for the first time and was rescued by Authentic Brands. In a 2024 interview, the CEO of Authentic deemed his purchase of Forever 21 “the biggest mistake I made.”
