Forever 21 news
Here are some recent news updates about Forever 21:
Bankruptcy and Store Closures
- In September 2020, Forever 21 filed for Chapter 11 bankruptcy protection in the United States and Canada, citing declining sales and increased competition from online retailers.
- As a result, the company closed over 350 stores worldwide, including 178 stores in the United States.
- In 2021, Forever 21 announced plans to close an additional 100 stores in the United States.
New Ownership and Restructuring
- In April 2021, Forever 21 was acquired by the Canadian retailer Authentic Brands Group (ABG) for $81 million.
- Under new ownership, Forever 21 has been working to revamp its business model, including investing in e-commerce and improving its store experience.
E-commerce Expansion
- Forever 21 has been expanding its e-commerce capabilities, including the launch of a new website and mobile app.
- The company has also been investing in social media and influencer marketing to reach a younger audience.
Sustainability Efforts
- Forever 21 has been working to reduce its environmental impact, including implementing recycling programs and reducing waste in its supply chain.
- The company has also launched a line of sustainable clothing, including recycled denim and organic cotton products.
New Store Concepts
- Forever 21 has been testing new store concepts, including a smaller format store called "F21 Red" and a luxury concept store called "F21 Luxe".
- The company has also been experimenting with experiential retail, including hosting events and workshops in its stores.
International Expansion
- Forever 21 continues to expand its international presence, with over 800 stores across Asia, Latin America, and the Middle East.
- The company has also been investing in e-commerce platforms in international markets to reach a broader customer base.
These are just a few of the recent news updates about Forever 21. The company continues to evolve and adapt to changing consumer trends and market conditions.