What's happening?
According to a news release, Forever 21 has implemented an orderly wind-down of its businesses and the company is conducting liquidation sales at its stores while simultaneously conducting a court‑supervised sale and marketing process for some or all of its assets.
The locations outside of the United States are not part of the closures, the news release added.
Forever 21 offers men’s, women’s and children's clothing and accessories.
“While we have evaluated all options to best position the company for the future, we have been unable to find a sustainable path forward, given competition from foreign fast fashion companies, which have been able to take advantage of the de minimis exemption to undercut our brand on pricing and margin, as well as rising costs, economic challenges impacting our core customers, and evolving consumer trends,” Brad Sell, Chief Financial Officer of F21 OpCo said in a news release.
What else?
Going out of business signs and discounted prices are being offered at the location inside Grapevine Mills. The Grapevine store is situated in the middle of the mall and has two entrances; one near the Legoland Discovery Center and Sealife Grapevine Aquarium and the other near Rainforest Cafe.
Other area locations closing include two in Dallas and stores in Fort Worth, Hurst, Arlington, Allen and Mesquite.
No closing date was provided by the company in the news release.
- 3000 Grapevine Mills Parkway, Ste. 234, Grapevine
- www.forever21.com