Forever 21 files for bankruptcy to revamp
Forever 21, a popular clothing store that stays trendy while still being budget-friendly, was a staple in many American teenager’s lives. So when the company filed for bankruptcy in late September, many were confused.
The company officially filed for Chapter 11 bankruptcy on Sept. 29 and will be shutting down anywhere between 300-350 stores worldwide. Known for its “fast fashion” beliefs and odd catch phrases on t-shirts, they have decided to slow down on production, and focus more on reorganizing the company.
Good on You, a website that is dedicated to bringing awareness to amount of pollution and lack of human rights in the fashion industry, defines fast fashion as “cheap, trendy clothing, that samples ideas from the catwalk or celebrity culture and turns them into garments in high street stores at breakneck speed.” Rated “not good enough” based on the 2017 Fashion Ethics report, many became concerned with the excessive amounts of clothes going to waste when not sold.
Forever 21 decided to use the bankruptcy as a chance to develop new organizing tactics, as well as making their market more sustainable.
The company’s executive vice president, Linda Chang commented that the revamping process will be time well spent.
“This was an important and necessary step to secure the future of our company, which will enable us to reorganize our business and reposition Forever 21,” Chang said.
With everything happening with Forever 21’s business, it might be forced to slow down and make higher quality clothes. But don’t fret, Forever 21 will be back, and hopefully without the “taco – bout it” t-shirts.