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Forever no more.
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For four decades, Forever 21 prided itself on cheap, trendy clothing.
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But now, the American fast fashion giant announcing its filing for bankruptcy and liquidating its assets.
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Honestly, I think it's gone kind of downhill.
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The closures come with deep in-store discounts.
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And up to 80% off online.
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In its bankruptcy filing, the retailer blamed in part fierce competition from Chinese retailers Shein and Temu.
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Which keep prices low with help from a trade exemption that allows them to skirt import taxes and tariffs.
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Their clothes are at a way lower price than Forever 21.
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So it made it extremely difficult for Forever 21 to operate.
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Forever 21, founded in Los Angeles, survived a bankruptcy five years ago, restructuring and closing more than 100 stores.
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Unable to find a buyer for the remaining 350 stores, this new bankruptcy is likely to be the end.
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Store closures like ones at Forever 21 are happening at a time of concern for the US economy, and the US consumer accounts for about 70% of US economic activity.
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February figures show a tiny uptick in consumer spending, up 0.2% for retail sales, but below a Dow Jones forecast for a 0.6% rise.
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Forever 21 joins the likes of Party City and craft store Joanne as iconic retailers now going bust.
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Me as a teenager, it really was like, let's go to Forever 21, but now I'm almost 30, so I'm like.
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Not Forever 21 anymore.
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Not Forever 21 anymore.
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Brian Chung, NBC News, Jersey City, New Jersey.
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