ATLANTA — On Sunday, fashion retailer Forever 21 joined other retailers who have filed for bankruptcy protection in the past year. The company announced that it would close up to 178 stores as part of an overall restructuring plan.
A court filing on Tuesday revealed that only two of the stores the retailer is planning to close are in Georgia.
According to the filing, only the locations at the Savannah Outlets in Pooler and at Stonecrest Mall in DeKalb County in Georgia will be shutting down.
The "Going Out of Business" sales at both locations are set to get underway Nov. 1, according to the court filing, and expected to conclude by Dec. 29.
The privately held Los Angeles-based company once boasted as many as 800 stores in 57 countries. Other retailers seeking bankruptcy protection while battling online competitors include Barneys New York and Diesel USA. Other retailers like Payless Shoe Source and Charlotte Russe have shut down completely.
Forever 21 was founded in 1984, and, along with other so-called fast-fashion chains like H&M and Zara, rode a wave of popularity among young customers that took off in the mid-1990s.
Their popularity grew during the Great Recession, when shoppers sought fashion bargains.
But over the last year or so, fast fashion has fallen out of style. Young customers are losing interest in throw-away clothes and are more interested in buying eco-friendly products. They're also gravitating toward rental and online second-hand sites, like Thredup, where they see clothes worn again instead of ending up in a landfill.
These trends are happening while discounters like Target have spruced up their fashion assortments, stealing away customers.
Forever 21 has also been more vulnerable than some other chains because of its large footprints in major malls, which are attracting fewer shoppers.
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