Forever 21, a staple fashion retailer in the Mall of Louisiana, is expected to close its doors following the company’s second bankruptcy filing. All Forever 21 stores inside the U.S. are expected to close by May 1; international locations are not impacted by this decision.
The closure marks another shift in the retail landscape as mall–based stores continue to struggle in a changing economy. When Forever 21 filed for bankruptcy the first time, it was bought out by Sparc Group. There doesn’t look to be a new buyer in line, but should F21 OpCo find a buyer, storefronts could remain open.
“While we have evaluated all options to best position the Company for the future, we have been unable to find a sustainable path forward,” Brad Sell, F21 OpCo Chief Financial Officer said in a press release, “given competition from foreign fast fashion companies, which have been able to take advantage of the de minimis exemption to undercut our brand on pricing and margin, as well as rising costs, economic challenges impacting our core customers, and evolving consumer trends.”
Managers and other employees who work at Forever 21 are now looking to the job market to fill their own employment vacancies. A Forever 21 store manager said the retail industry is tough right now, showing again how malls are struggling to keep storefronts open.
“We are deeply grateful for the support you have shown us over the years, but rising costs and increased competition from abroad have made our current business model unsustainable,” Sell said in a statement on the Forever 21 website.
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Forever 21 is having clearance sales with high markdown prices. The store is located at 6401 Bluebonnet Blvd and is open from 11 a.m. to 7 p.m. Monday through Thursday, 11 a.m. to 8 p.m. Friday through Saturday and noon to 6 p.m. on Sunday.