This new just might break all the fashionable hearts out there so save yourself as horror unveils!
Everyone’s favourite fast fashion clothing brand “Forever 21” is reportedly filing for bankruptcy which would mean shut down of its multiple stores.
The company has been trying to secure additional financing, but negotiations with lenders have stalled so far. They have also brought in a team of advisers to help restructure and manage debt, as well as look at and evaluate its 800+ stores worldwide.
However according to certain reports the meetings with the advisors have been put on hold for now as Forever 21 is looking out to apply for a debtor-in-possession loan which basically means that the company will be forced to file for bankruptcy but will still manage to run their business while figuring out their financial woes.
The brand went from 480 stores in 2010 to 600 stores in 2014 and currently has 800 stores in over 57 countries but according to Forbes, an industry analyst estimated that though the company expanded its brand visibility its sales have dropped by 20% or 25% in 2018.
While some were truly heartbroken by the news some took to Twitter to shared their excitement on the “Closing Down Sale”
Forever 21 is closing, please sign my petition to replace it with my new concept:
Bitches, We’re 35— Jessica Ellis (@baddestmamajama) August 29, 2019
The beginning of the end #forever21 pic.twitter.com/VIsz0K4UOS
— gay(lor) for pay🍉NOLA N2 (@JennaWithaSmile) August 30, 2019
https://twitter.com/ahhhhlex_/status/1167133187912265729?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1167133187912265729&ref_url=https%3A%2F%2Fwww.scoopwhoop.com%2Fnews%2Fleading-fast-fashion-brand-forever-21-is-reportedly-filing-for-bankruptcy%2F
Me thinking about all the Forever 21 employees who will be losing their jobs. But also thinking about the bankruptcy sale. pic.twitter.com/fuLpxyyhE5
— Llama Drama (@sweatsandpizza) August 29, 2019
With Forever 21 going bankrupt, I have no idea where I'm going to get dresses displayed as size 14 that are actually size 4.
— Charlotte Clymer 🇺🇦 (@cmclymer) August 29, 2019
