What Happened to Forever 21?
Forever 21 was founded in 1984 by Korean American couple Do Won Chang and Jin Sook Chang. The couple immigrated to the United States in 1981 and started the company with just $11,000 in savings. They initially named the store Fashion 21 and focused on selling discounted clothing and accessories.
The Changs grew Forever 21 into a large and successful fashion retailer, expanding to over 800 stores in 57 countries at its peak. The company was known for its affordable and trendy clothing and became a popular destination for young shoppers. The Changs remained the owners of Forever 21 until the company filed for bankruptcy in September 2019.
There are several factors that contributed to Forever 21’s bankruptcy. One of the main reasons was that the company was unable to adapt to changing consumer preferences, as more and more people began to shop online and prioritize sustainable fashion. Additionally, Forever 21 faced fierce competition from other fast fashion retailers such as Zara and H&M.
In the bankruptcy proceedings, Forever 21 closed most of its stores and laid off thousands of employees. The company has since reemerged as a smaller, online-only retailer.
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