BANKRUPTCY :

FOREVER 21
BACKGROUND
• FOREVER 21, then called Fashion 21, is an American fast
fashion retailer which was started in Los Angeles, California on
April 1984 by husband and wife, Do Won Chang and Jin Sook
Chang from South Korea.
• The retailer pulled in $700,000  worth of sales in the first year of
operation. They thrived through the early 2000’s and eventually
had their peak in 2015 when its founders made a combined net
worth of $5.9 billion.
• They are one of the first companies to specialize in “Fast Fashion”
and eventually became successful just until recently.
FAST FASHION INDUSTRY

• Fast fashion is the term used by retailers to describe inexpensive clothing which
designs were replicated from high-fashion designs, and this kind of business
model is used to reach large number of consumers because of the trendy fashion at
a cheap price.

• Fast fashion industry which intended to have a rapid production has a larger
impact in the environment.
FOREVER 21 in CANADA

• The first FOREVER 21 store in Canada opened in West Edmonton

Mall in 2001 to test the market.

• The fast fashion retailer then started opening branch after branch
with locations in Alberta, British Columbia, Manitoba, Ontario,
Quebec and Nova Scotia, and eventually opened 44 stores in total.
FOREVER 21 BANKRUPTCY

• After 18 year of operation in Canada, Forever 21 shuts down all of

its 44 store in the country after filling for bankruptcy in the U.S in
2019.
“NOTHING LASTS FOREVER”:
What happened to FOREVER 21?