Forever 21 Bankruptcy: All Locations Likely to Close

With a second bankruptcy filing, Forever 21 seems poised to shut down all locations as reported by Bloomberg. This will result in the closure of an additional 350 locations, inevitably impacting local economies and workers as the commercial leasing business continues to struggle.

At some point, even for me, malls were a hangout. Think of classics like Mall Rats and Fast Times at Ridgemont High. Malls continue to adapt. In Miami, where I lived in a high-rise across the well-known Dadeland Mall, started to focus on dining experiences, and some malls have turned to mixed-use by having residences on the top floors. But unfortunately, malls in some cities look like ghost towns.

Unfortunately, too many retailers like Forever 21 have failed to adapt fast enough to consumer behaviors. That’s why in the past I have argued that regardless of your business, there has to be an online presence, whether a website or social media. This includes offering online products or services.

• Express Stores in Bankruptcy

While I no longer practice law, I would imagine most clients want virtual or remote consultations, which could make it more difficult for lawyers to sign new clients. If a potential client can visit with five lawyers remotely in one day, that presents challenges to law firms. The result is most likely having to reduce their fees substantially to remain competitive.

Unfortunately, this trend has been consistent post-COVID-19. Since the coronavirus pandemic, business bankruptcies have skyrocketed. Shopping online has changed consumer behavior permanently.

Even in the field of education, which is now my “second career,” schools are also offering hybrid courses. I remember in one interview, I said the future would be holograms of the professor teaching the course while the student is at home. The hiring committee thought that I was crazy. Time will tell.

As the world we once knew continues to change, learn to adapt.  

Colleges and universities can purchase my bankruptcy law textbook directly from Routledge Publishing. For paralegals and students buying single copies, you can do so via Amazon Books. To access my YouTube channel, click this link. You can also listen to my podcast on Spotify.

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The cover photo is a screengrab from the Forever 21 website.