Why does Forever 21 deny bankruptcy
The US fashion brand Forever 21 is pulling out of some international markets and is starting its only Irish store - the flagship store in Dublin is due to close, as are flagship stores in Amsterdam and downtown Vancouver, Canada.
Falling sales are the reason, as the fast fashion brand does not seem to be as popular as it was before, at least in these markets. For the fiscal year that ended in February 2016, the company posted losses of € 44 million and set aside € 11 million to pay for release and other costs, such as penalties for early termination of lease agreements.
Forever 21 opened its Dublin store as the first European flagship store back in 2010 and invested more than 10 million euros in renovating the store. Since then, the Los Angeles-based company has expanded into other European markets such as Germany, Spain, Poland and France. After struggles in the UK market and store closures in London, Manchester, Kent, Dublin and Glasgow, Forever 21 may be pulling out of the Benelux in the face of the impending closure of its Amsterdam store.
The company closed its Belgian store in Antwerp in mid-2016 and named the high rental costs as the main reason. One store in Brussels did not reopen after a devastating fire, leaving only one store in Rotterdam in this market.
Also in India, a market where fast fashion brands like Forever 21 are well received, the US brand had to slow down its advance and close one store in Mumbai and downsize one in New Delhi to face competition from Zara, H&M & Co to withstand.Photo: Forever 21 website
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