Name: Why Did Forever 21 File For Bankruptcy?
Uploaded: 2019-12-09T23:04:01.000Z
Duration: 2 min 20 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

JOLING KENT IS IN SAN FRANCISCO TO EXPLAIN WHAT THIS MEANS FOR

TO EXPLAIN WHAT THIS MEANS FOR THE COMPANY'S FUTURE.

THE COMPANY'S FUTURE. >> Reporter: HEY, SIMONE, THAT'S

FOREVER 21 FILING FOR CHAPTER 11 BANKRUPT PROTECTION.

BANKRUPT PROTECTION. WHAT THAT MEANS IS THIS COMPANY,

WHAT THAT MEANS IS THIS COMPANY, L.A. BASED, FOUNDED BY A FAMILY

L.A. BASED, FOUNDED BY A FAMILY HERE IN LOS ANGELES, IS GOING TO

HERE IN LOS ANGELES, IS GOING TO RESTRUCTURE.

RESTRUCTURE. YOU'RE PROBABLY GOING TO SEE 178

YOU'RE PROBABLY GOING TO SEE 178 STORES CLOSE DOWN ACROSS THE

AND THIS IS HAPPENING AFTER FOREVER 21 BECAME ONE OF THE

FOREVER 21 BECAME ONE OF THE FIRST BIG NAMES IN FAST FASHION.

FIRST BIG NAMES IN FAST FASHION. THEY OPENED TWO STORES ALL

THEY OPENED TWO STORES ALL ACROSS THE COUNTRY, AND YOU CAN

ACROSS THE COUNTRY, AND YOU CAN IMAGINE THAT RENT BECAME VERY,

IMAGINE THAT RENT BECAME VERY, VERY EXPENSIVE.

VERY EXPENSIVE. THAT'S ONE OF THE REASONS WHY

THAT'S ONE OF THE REASONS WHY THEY'RE FILING FOR CHAPTER 11,

THEY'RE FILING FOR CHAPTER 11, BUT THEY NEVER REALLY MASTERED

BUT THEY NEVER REALLY MASTERED THE ONLINE SHOPPING GAME AND

THE ONLINE SHOPPING GAME AND WITH 60% OF MILLENNIALS SAYING

WITH 60% OF MILLENNIALS SAYING THEY PREFER TO SHOP ONLINE, THAT

THEY PREFER TO SHOP ONLINE, THAT WAS A REAL DAGGER.

WAS A REAL DAGGER. PLUS YOU HAD OTHER COMPETITORS

PLUS YOU HAD OTHER COMPETITORS LIKE ZARA COMING UP THROUGH THE

LIKE ZARA COMING UP THROUGH THE RANKS, H&M AS WELL, DOING VERY

RANKS, H&M AS WELL, DOING VERY WELL AND KIND OF SIDELINING

FOREVER 21. A LOT OF CUSTOMERS STARTED TO

A LOT OF CUSTOMERS STARTED TO COMPLAIN ABOUT THE QUALITY OF

COMPLAIN ABOUT THE QUALITY OF FOREVER 21 CLOTHING AS WELL.

FOREVER 21 CLOTHING AS WELL. BUT THERE'S ALSO ANOTHER TREND

BUT THERE'S ALSO ANOTHER TREND HAPPENING UNDERNEATH THE SURFACE

HAPPENING UNDERNEATH THE SURFACE THAT MAY NOT IMMEDIATELY PICK UP

THAT MAY NOT IMMEDIATELY PICK UP ON AND THAT IS SUSTAINABILITY

ON AND THAT IS SUSTAINABILITY AND CLIMATE CHANGE.

AND CLIMATE CHANGE. WHAT I'M TALKING ABOUT HERE IS

WHAT I'M TALKING ABOUT HERE IS THESE RETAIL STORES, THESE FAST

THESE RETAIL STORES, THESE FAST FASHION STORES, ARE REALLY

FASHION STORES, ARE REALLY POPULAR FOR GETTING STUFF

POPULAR FOR GETTING STUFF QUICKLY THAT LOOKS LIKE THE

QUICKLY THAT LOOKS LIKE THE RUNWAY, BUT THERE'S ALSO A NEW

RUNWAY, BUT THERE'S ALSO A NEW DESIRE TO BE MORE

DESIRE TO BE MORE ENVIRONMENTALLY FRIENDLY.

ENVIRONMENTALLY FRIENDLY. WHAT I'M TALKING ABOUT HERE IS

WHAT I'M TALKING ABOUT HERE IS BUYING SECONDHAND CLOTHES AND

BUYING SECONDHAND CLOTHES AND CONSIGNMENT.

CONSIGNMENT. AND THERE'S THESE STARTUPS OUT

AND THERE'S THESE STARTUPS OUT THERE THAT HAVE GOTTEN SO MUCH

THERE THAT HAVE GOTTEN SO MUCH MORE POPULAR, IN FACT, MACY'S,

MORE POPULAR, IN FACT, MACY'S, THAT DEPARTMENT STORE THAT'S

THAT DEPARTMENT STORE THAT'S ALSO STRUGGLING, IS NOW PUTTING

ALSO STRUGGLING, IS NOW PUTTING THREAD UP POSTS INSIDE THEIR

THREAD UP POSTS INSIDE THEIR STORES TO SELL SECONDHAND

STORES TO SELL SECONDHAND CLOTHES ALONGSIDE NEW CLOTHES SO

CLOTHES ALONGSIDE NEW CLOTHES SO IT'S A BIG CHANGE IN THE RETAIL

IT'S A BIG CHANGE IN THE RETAIL ENVIRONMENT.

ENVIRONMENT. FOREVER 21 FILING FOR BANKRUPTCY

FOREVER 21 FILING FOR BANKRUPTCY CERTAINLY A BIG DEAL.

CERTAINLY A BIG DEAL. WE EXPECT TO SEE 12,000 STORES

WE EXPECT TO SEE 12,000 STORES ACROSS THE COUNTRY THIS YEAR

CLOSE DOWN. THAT WOULD, OF COURSE, BE A BIG

THAT WOULD, OF COURSE, BE A BIG JUMP FROM THE OVER 5,600 STORES

JUMP FROM THE OVER 5,600 STORES WE SAW LAST YEAR.

WE SAW LAST YEAR. THIS IS ALL AS WE'RE GOING INTO

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Why Did Forever 21 File For Bankruptcy?

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