Forever 21 has filed for bankruptcy twice in the last six years.
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00:00A once-popular retailer is closing its stores in the U.S. for good.
00:04Forever 21 announced it has filed for bankruptcy for the second time in just six years, and
00:10it will be implementing an orderly wind-down of its stores here in the States.
00:14The company's CFO released a statement saying,
00:16We have been unable to find a sustainable path forward given competition from foreign
00:21fast fashion companies, as well as rising costs, economic challenges impacting our core
00:25customers, and evolving consumer trends.
00:28Forever 21 first filed for bankruptcy in 2019, and closed 200 of its then 800 worldwide
00:34locations.
00:35Now, according to its website, Forever 21 currently has 540 locations globally and online.
00:41However, Forever 21 is certainly not alone when it comes to store closures.
00:46According to CoreSite Research, major U.S. retailers closed more than 7,300 stores in
00:502024.
00:51That's an almost 60% increase from the year prior.
00:55That'll do it for your daily briefing.
00:56From New York City, I'm Kelsea Barberio with The Street.