{"id":218898,"date":"2025-05-02T13:35:17","date_gmt":"2025-05-02T13:35:17","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/finance\/after-chapter-11-bankruptcy-beloved-retailer-closes-all-stores\/"},"modified":"2025-05-02T13:35:17","modified_gmt":"2025-05-02T13:35:17","slug":"after-chapter-11-bankruptcy-beloved-retailer-closes-all-stores","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=218898","title":{"rendered":"After Chapter 11 bankruptcy, beloved retailer closes all stores"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<p>To say that many retailers have struggled over the past several years would probably be a gross understatement.\u00a0<\/p>\n<p>The last five or so years have been particularly difficult for many stores.\u00a0<\/p>\n<p align=\"center\"><strong><a href=\"https:\/\/www.thestreet.com\/retail\/bankrupt-retail-chain-closing-all-remaining-stores-liquidating\">Related: Bankrupt retail chain closing all remaining stores, liquidating<\/a><\/strong><\/p>\n<p>The year 2020 ushered in Covid, the likes of which few (if any) businesses could have anticipated or prepared for.\u00a0<\/p>\n<p>Suddenly, most stores, restaurants, salons, gyms, theaters, and even outdoor parks and beaches were shuttered across the nation.\u00a0<\/p>\n<p>With many customers stuck in their homes, many places of business saw a sharp decline in foot traffic.\u00a0<\/p>\n<p>A decrease in foot traffic is almost always followed by a decrease in sales, particularly in the brick-and-mortar space.\u00a0<\/p>\n<p>And a decline in sales equates to a drop in profits.\u00a0<\/p>\n<p>Under these new conditions, many retailers withered away under the harsh and challenging conditions. Only the strongest \u2014 and oftentimes largest, or most cash-flushed \u2014 survived.\u00a0<\/p>\n<figure>\n<p>                        <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.thestreet.com\/.image\/c_fit%2Ch_800%2Cw_1200\/MjEzMjU0NDI2MTkyNzgyNzk5\/forever-21---lead.jpg\" height=\"674\" width=\"1200\"><figcaption>Forever 21 is closing all leased U.S. stores.<\/p>\n<p><a href=\"https:\/\/www.gettyimages.com\/detail\/1244799343\">Image source&amp;colon; Bloomberg&amp;sol;Getty<\/a><\/p>\n<\/figcaption><\/figure>\n<h2>Retailers continue to face struggles<\/h2>\n<p>But Covid didn&#8217;t cull all the weak retailers.\u00a0<\/p>\n<p>Many struggling retailers limped their way through the pandemic and did come out the other side.\u00a0<\/p>\n<p>But these were largely zombie retailers, which might have had the footprint and brand recognition to survive several difficult years and recapture some hint of consumer zeal when things reopened.\u00a0<\/p>\n<p><strong>More closings:<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/www.thestreet.com\/restaurants\/iconic-ice-cream-chain-unexpectedly-closing-locations\"><strong>Iconic ice cream chain unexpectedly closing locations<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/www.thestreet.com\/retail\/struggling-auto-parts-chain-closing-down-all-stores-but-one\"><strong>Struggling auto parts chain closing down all stores but one<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/www.thestreet.com\/retail\/another-discount-retailer-closing-over-1000-stores\"><strong>Another discount retailer closing over 1,000 stores<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/www.thestreet.com\/retail\/iconic-retail-chain-closing-nearly-500-stores\"><strong>Iconic retail chain closing nearly 500 stores<\/strong><\/a><\/li>\n<\/ul>\n<p>But things were still very troubled in the margins.\u00a0<\/p>\n<p>Many of these were mall retailers, which relied heavily on the high foot traffic associated with indoor shopping malls.\u00a0\u00a0<\/p>\n<p>Over the years, malls have seen less and less foot traffic, which nearly dried up altogether during Covid. When things reopened, some saw sales bounce back. By and large, however, Covid accelerated the death of the shopping mall \u2014 and dozens of retailers along with them.\u00a0<\/p>\n<h2>Massive mall retailer closing all stores<\/h2>\n<p>Such is the case with Forever 21, the once high-flying fast fashion retailer.\u00a0<\/p>\n<p>Forever 21 is closely associated with shopping malls; it makes cheap, trendy clothing mainly targeted at teens and young adults, and sources most of its materials from overseas.\u00a0<\/p>\n<p align=\"center\"><strong><a href=\"https:\/\/www.thestreet.com\/retail\/major-drugstore-chain-closing-hundreds-of-struggling-stores\">Related: Major drugstore chain closing hundreds of struggling stores<\/a><\/strong><\/p>\n<p>But as fewer folks started going to the mall \u2014 and other cheap competitors, like Shein, cropped up online \u2014 Forever 21 met trouble.\u00a0<\/p>\n<p>It filed for its <a href=\"https:\/\/www.thestreet.com\/retail\/troubled-mall-retailer-makes-hard-decision-amid-bankruptcy-rumors\">second Chapter 11 bankruptcy<\/a> in six years in March 2025.\u00a0<\/p>\n<p>Forever 21&#8217;s operating parent company, F21 OpCo, said that it would consider offers for purchase if one came in quickly enough. <\/p>\n<p>Nobody has come forward with a viable offer, however, and court documents indicate the company will move forward with permanent store closures.<\/p>\n<p>The retailer is shuttering all 354 of its leased U.S. stores on May 1, 2025.<\/p>\n<p>Forever 21 has been in the midst of massive liquidation sales across the country; sales of up to 60% off were seen throughout April.\u00a0<\/p>\n<p>&#8220;We are deeply grateful for the support you have shown us over the years, but rising costs and increased competition from abroad have made our current business model unsustainable,&#8221; Forever 21 wrote on its website.<\/p>\n\n","protected":false},"excerpt":{"rendered":"<p>To say that many retailers have struggled over the past several years would probably be a gross understatement.\u00a0 The last five or so years have been particularly difficult for many stores.\u00a0 Related: Bankrupt retail chain closing all remaining stores, liquidating The year 2020 ushered in Covid, the likes of which few (if any) businesses could [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":178246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[93],"tags":[11433,16941,4205,14586,11628,19280],"dealstore":[],"offerexpiration":[],"class_list":["post-218898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-bankruptcy","tag-beloved","tag-chapter","tag-closes","tag-retailer","tag-stores"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - 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