Nothing lasts forever, not even Forever 21.
The American fast-fashion retailer announced via a letter to its customers that they had filed for bankruptcy on Sunday, 29 September 2019.
Rumours about it filing for bankruptcy started way back, and unfortunately, it has finally come true.
Forever 21 has lost popularity among its target audience of teenage girls worldwide due to strong competition from other retailers, as well as the increase in online shopping platforms.
Young people nowadays are also more concerned about the environment and are slowly moving towards sustainable fashion, which is basically the opposite of what Forever 21 does.
The environment: 1 Forever 21: 0
Most Forever 21 Stores In Europe & Asia Will Close, But Not In Singapore
The retailer will be closing down 350 stores worldwide, including 178 US stores and most of its stores in Asia and Europe.
However, it’s good news for us because the one and only Forever 21 store in Singapore won’t be affected and business will continue there as per usual.
For now, at least. So if you’re a fan of F21, now seems like a great time to stock up on their clothes before it might be gone for good one day.
The Forever 21 store located at 313@Somerset occupies two floors, and it is the only outlet left in Singapore after the other three closed down.
They used to be located at VivoCity, Kallang Wave Mall, and right above Orchard MRT station.
According to The Straits Times, the staff at the Somerset store said that they had two years left on the lease, so closure would not be an issue any time soon.
“Every day, a few customers will ask us when is our last day or whether we are closing,” said part-time staff, Karla Canaveral.
“Forever 21 is trading well and has been a tenant at 313 @ Somerset since 2009 when the mall commenced operations. They have been a good tenant that makes prompt settlements. We have not been notified of any change to their lease,” a 313 @ Somerset spokesman said.
Decrease In Customers Due To Increased Competition
Since three out of four of its stores in Singapore have already closed down, so it’s not surprising that Forever 21 was running out of business globally.
In fact, the fashion chain seemed to be hanging on by a thread for so long that many were wondering why it took so long for it to file for bankruptcy.
The company, which was founded in 1984 and rose to popularity in the 1990s, has seen a significant decrease in customers in recent years after more people started to shop on online websites instead of in physical stores.
The competition also affected other retailers like ZARA and Abercrombie & Fitch, who then upped their fashion game in order to continue to stay relevant.
However, if you compare how Forever 21 was 10 years ago and how it is now, you won’t find that much of a striking difference. Its stores are still full of disorganised shelves of cheap clothing, tons of “sale” signs and it’s also lagging behind in sustainability efforts.
So it really seems like they’ve only got themselves to blame at the end of the day…
It’s Not The End Of Forever 21 Yet
I am a little bummed about it though, to be honest. Although I don’t shop there much, it just feels strange to think that a brand that used to be so huge when I was growing up is now struggling to even exist.
It feels like the end of an era.
Maybe this will be followed by other popular retail chains going bankrupt, who knows?
However, Forever 21 is confident that this is not the end for them, and they have clarified that filing for bankruptcy does not mean that they are going out of business any time soon.
“We are confident this is the right path for the long-term health of our business. Once we complete a reorganization, Forever 21 will be a stronger, more viable company that is better positioned to prosper for years to come,” the company wrote in its letter.
Perhaps it’s time to work on those sustainability efforts.
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