Forever 21 is filing for bankruptcy, the latest retailer to learn about the fleeting nature of success in the Internet era. The ironically named fast fashion heavyweight ended a protracted period of attempts at restructuring by announcing that it would abandon 350 stores, including 180 in the United States, and abandon its operations in 40 countries. “What we’re hoping to do with this process is just to simplify things so we can get back to doing what we do best,” Linda Chang, the chain’s executive vice president told the New York Times. It’s not clear exactly what that is, but it does not appear to include expansion. The company’s geographical reach exploded within six years from 7 to 47 countries, but revenues peaked at $4.4bn in 2016. In 2018, Forever 21 managed just $3.3bn. The NYT reports that following restructuring, it’s planning just $2.5bn in sales. The company has two stores in Prague, in Černý Most and in the newly rebranded Westfield Chodov (formerly Centrum Chodov).
