B1 Intermediate US 117 Folder Collection
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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
>> Reporter: HEY, SIMONE, THAT'S RIGHT.
RIGHT. FOREVER 21 FILING FOR CHAPTER 11
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
STORES CLOSE DOWN ACROSS THE U.S.
U.S. AND THIS IS HAPPENING AFTER
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
WELL AND KIND OF SIDELINING FOREVER 21.
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
ACROSS THE COUNTRY THIS YEAR CLOSE DOWN.
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?

117 Folder Collection
Amy.Lin published on December 10, 2019
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