If you have fond memories of shopping at Forever 21 while growing up in Halton, here’s some sad news.
According to sources from within the company, the famous fashion store chain is expecting to file for bankruptcy.
Sources told Bloomberg that the company has been dealing with an increasing amount of debt. By filing for bankruptcy, the company may potentially be able to clear the debt by closing less profitable locations.
Forever 21 has over 800 locations across several countries.
- Many businesses sourcing product domestically due to pandemic
- Amazon becoming popular shopping choice for Canadians this holiday season
- Many entrepreneurs believe their businesses won’t survive a second lockdown
Many have taken to Twitter with their thoughts on the news.
If forever 21 closes I’m screwed. That’s it. I don’t know what I’m going to do with my life. . .
— J (@jojov9) August 29, 2019
…I feel like every single girl I know has a closet FILLED with forever 21 stuff…how are they bankrupt??? https://t.co/I0UqXgd4Gu
— tasha (@tashaa_brazil) August 29, 2019
Some also are eagerly awaiting any news of a closing sale at store locations.
me hearing that Forever 21 may be filing for bankruptcy cus i’m about to go crazy with the sales pic.twitter.com/1httT3JAju
— Christina (@spanishcvndy) August 29, 2019
What do you think about Forever 21 potentially closing?
Photo courtesy of Forever 21’s Square One Page