Forever 21, the beloved fast-fashion retailer, is sadly going out of business. For loyal customers still holding onto their Forever 21 gift cards, today marks the last chance to spend them. The company has announced that they will honor all gift cards and store credit through the end of the day on Tuesday.
As the retailer prepares to shutter all of its stores across the country, they have made all sales final. This means that Forever 21 will no longer be accepting returns or exchanges, both in-store and on their website. It’s a bittersweet end for a brand that has been a staple in the fashion industry for years.
In March, Forever 21 filed for bankruptcy for the second time in just six years. Despite efforts to secure a buyer over several months, the company was unable to overcome the challenges brought on by the COVID-19 pandemic and sticky inflation. Additionally, Forever 21 faced tough competition from online retailers like Shein and Temu, which led to a decline in market share.
According to court filings, Forever 21 expects to close more than 350 stores by May 1. This massive restructuring is a necessary step as the company navigates through the bankruptcy process. However, it’s important to note that the bankruptcy only applies to Forever 21’s US operations, as stated in a message on their website.
It’s a sad farewell to a brand that has been a favorite among fashion-forward shoppers for years. Forever 21’s impact on the fashion industry will not be forgotten, and for those with fond memories of shopping at their stores, this marks the end of an era.
