Forever 21 files for bankruptcy for second time in six years

Forever 21 store

US fashion retailer Forever 21 has filed for bankruptcy for the second time in six years, blaming mounting online competition from fast fashion retailers and weak footfall.

The retailer also blamed its current financial predicament on higher costs and foreign companies, such as Shein, taking advantage of America’s ‘de minimis’ duty-free treatment of low-cost packages as undermining its pricing power, according to The Guardian.

 

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