All US Forever 21 stores are set to close: Here's what shoppers should know
More than 350 Forever 21 stores are expected to be closed by the start of May, following the fast fashion company's Chapter 11 bankruptcy filing in March.
All of Forever 21's 354 leased stores in the U.S. are to close by May 1, court documents obtained by USA TODAY state. Many began closing their doors as early as April 1.
Forever 21's operator, F21 OpCo, previously said that if a buyer were to come forward with interest in the brand, store closures would pause. But as of the afternoon of Wednesday, April 30, a potential buyer had not been shared by the company.
"Forever 21 is one of the most recognizable names in fast fashion. It is a global brand rooted in the U.S. with a strong future ahead," Jarrod Weber, global president for lifestyle at Authentic Brands, told USA TODAY in March. "Retail is changing, and like many brands, Forever 21 is adapting to create the right balance across stores, e-commerce and wholesale."
Neither Forever 21 nor F21 OpCo immediately responded for comment about the store closures when contacted by USA TODAY on Wednesday afternoon.
Which Forever 21 stores are closing?
All of Forever 21's 354 stores in the U.S. are closing. However, a notice to customers on the Forever 21 website states that international stores will continue operating.
Gift cards, store credit and refunds are no longer accepted
Forever 21 stopped accepting gift cards and store credit on April 15. Refunds and exchanges are also no longer available.
Why did Forever 21 file for bankruptcy?
Forever 21 filed for bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on March 16 due to "competition from foreign fast fashion companies," rising costs, economic challenges and evolving consumer trends, Brad Sell, F21 OpCo chief financial officer, said in a news release.
The historic rise in inflation rates beginning in 2021 led to a significant increase in F21 OpCo's cost of operations, including the cost of inventory, distribution, transportation and employee wages, Stephen Coulombe, co-chief restructuring officer of F21 OpCo, said in a court document supporting the bankruptcy filing.
A "highly competitive retail environment" is also hurting Forever 21, due to the de minimis exemption, which exempts goods valued under $800 from import duties and tariffs, according to Coulombe.
"Certain non-U.S. online retailers that compete with the (F21 OpCo), such as Temu and Shein, have taken advantage of this exemption and, therefore, have been able to pass significant savings onto consumers," Coulombe said in the document. "Consequently, retailers that must pay duties and tariffs to purchase product for their stores and warehouses in the United States, such as the (F21 OpCo), have been undercut."
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
USA Today
10 minutes ago
- USA Today
Trader Joe's is bringing back its mini tote bags this fall: Here's what we know
Trader Joe's beloved mini canvas tote bags are coming back this fall. The California-based grocery store confirmed to USA TODAY on Aug. 18 it plans to release more mini canvas tote bags in the fall, although the company declined to share any further information regarding colors, pricing and when customers can expect to see the bags. The Reno Gazette Journal, part of the USA TODAY network, reported on Aug. 13 the bags will be available in black, orange, purple and a multicolored option and will cost $2.99 each. The last batch of bags was released in April and appeared to be Easter-themed, as they were available in pastel shades of blue, pink, purple and green. Mini insulated tote bags available now While the mini canvas tote bags are not available at the moment, Trader Joe's does have mini insulated totes available now. The bags, about the size of a lunchbox, are available in two colors: peach and blue. They are available for $3.99 each. Mini canvas tote bags went viral last year In March 2024, the mini totes became so popular that customers waited in lengthy lines to get their hands on them. Viral videos on TikTok showed frenzies and long lines at the stores, where employees were often forced to limit how many bags customers could purchase. The "mini canvas tote bags certainly sold more quickly than we anticipated," Trader Joe's representative Nakia Rohde told USA TODAY in March 2024. "Before we had the opportunity to promote them in any way, customers across the country found them at their neighborhood Trader Joe's." The overwhelming hype led people to list the bags for as much as $500 on online marketplaces like Facebook and eBay. At the time, Trader Joe's made it clear that it was aware of the resellers, adding that it was "done without our approval or authorization and outside the controls of our quality-minded supply chain." The company continued, "To be clear, we neither condone nor support the reselling of our products and do all we can to stop the practice." Contributing: Ariel Smith, Eric Lagatta, Jonathan Limehouse & Taylor Ardrey, USA TODAY Network Gabe Hauari is a national trending news reporter at USA TODAY. You can follow him on X @GabeHauari or email him at Gdhauari@
Forbes
an hour ago
- Forbes
Royalty And Streaming Giants Report Blockbuster Results
The latest wholesale inflation numbers in the U.S. took some of the wind out of Wall Street's sails last week, but they haven't dulled investor enthusiasm for gold. Even with a hotter-than-expected producer price index (PPI) reading in July, the yellow metal continues to trade near historic highs, and gold stocks, particularly royalty and streaming companies, are delivering record results. As I've often said, government policy is a precursor to change. The PPI, which measures prices producers receive for goods and services, jumped 0.9% in July from the previous month and 3.3% from a year earlier, the largest monthly increase in three years. The core PPI, which strips out volatile food, energy and trade services, advanced 2.8% compared to the same months last year. The biggest driver was services, which rose a full 1.1% last month. This could suggest that companies are passing along higher import costs related to tariffs, something Goldman Sachs recently projected could hit consumers' wallets in a big way by the fall. The PPI report rattled rate-cut expectations. For the record, traders still seem to anticipate the Federal Reserve will lower borrowing costs in September, but the odds of a 'jumbo' half-point cut have diminished. While the White House has been vocal in urging the Fed to 'go big,' central bankers may prefer to stick with smaller, sequential moves, especially with inflation proving sticky in some areas. If there's been one constant in 2025, it's gold's ability to attract buyers in an uncertain environment. Spot prices have been consolidating in the mid-$3,300s after hitting an all-time high of $3,500 an ounce in April and reaching $3,439 as recently as July 22. The metal's steady performance this summer has been fueled by a number of factors, including inflation concerns, a softer U.S. dollar, central bank demand and the expectation of lower interest rates. Gold also tends to shine brightest during periods of uncertainty, whether economic, political or geopolitical. This year, that list has been long: renewed tariff skirmishes, questions about the Fed's independence and elevated levels of global debt have all driven investors toward hard assets. According to the World Gold Council (WGC), gold-backed exchange-traded funds (ETFs) added $3.2 billion in July alone, raising total assets under management (AUM) to $386 billion, a month-end high. Global flows are now on pace for the second-strongest year on record, following 2020. As many of you know, we have long favored royalty and streaming companies, and their latest quarterly results only reinforce that view. These firms don't own or operate mines themselves. Instead, they provide upfront financing to miners in exchange for the right to purchase a portion of future production—either through royalties or streams—at a fixed, often heavily discounted, price. This model has several compelling advantages, including lower risk exposure. Royalty and streaming firms have no direct operating costs, meaning they're insulated from rising labor and fuel prices. Their portfolios often span multiple mines and jurisdictions, and they've also demonstrated strong cash flow. In short, we believe royalty and streaming companies offer a 'happy medium' between owning bullion and owning traditional mining equities. They capture much of the upside in a rising gold price environment while providing downside protection during pullbacks. The June quarter and first half of 2025 were nothing short of spectacular for the big names in the royalty and streaming space. Franco-Nevada reported record revenue of $369.4 million for the quarter, up 42% year-over-year. Operating cash flow surged 121% to a record $430.3 million, while net income more than doubled to $247.1 million. The company also posted record adjusted EBITDA margins. Wheaton Precious Metals likewise delivered all-time highs in the second quarter, generating $503 million in revenue and $415 million in operating cash flow. Net earnings came in at $292 million, and the company ended the quarter with $1 billion in cash, no debt and an undrawn $2 billion revolving credit facility. Triple Flag Precious Metals, a relative newcomer compared to its larger peers, posted record operating cash flow per share and announced its fourth consecutive annual 5% dividend increase since its IPO in 2021. Revenues have been growing steadily for the past seven quarters, hitting a new all-time high of $94 million in the June quarter, representing an increase of almost 50% compared to the same quarter in 2024. These results demonstrate why royalty and streaming companies have been gaining market share in investors' portfolios. They combine the potential for capital appreciation with consistent income, an attractive mix in a yield-starved world. Traditional gold miners are also benefiting from the metal's strength. UBS analysts recently upgraded their outlook on the sector, noting that after years of underperformance, miners are rebuilding investor trust through disciplined capital management. If gold prices remain steady, UBS sees the potential for increased stock buybacks, accelerated growth projects and more merger and acquisition (M&A) activity. Their top picks include Barrick Gold, Kinross Gold, AngloGold Ashanti, Endeavour Silver and Franco-Nevada. Returning to the inflation picture, Goldman Sachs has been clear that the tariff burden is shifting from businesses to consumers. Their models suggest that by the fall, about two-thirds of the cost of recent tariffs will be borne directly by U.S. households. This is already showing up in the PPI's services component and could feed into consumer prices later this year. For investors, this creates a tricky environment. On the one hand, higher inflation readings could prompt the Fed to slow the pace of rate cuts, which might limit gold's upside in the near term. But on the other hand, persistent inflation—and the potential for policy missteps—reinforces gold's role as a hedge. History shows that gold has often performed well in periods of negative real interest rates, when inflation outpaced nominal yields. If tariffs and other factors keep inflation elevated while the Fed is easing, we could see that dynamic play out again. Strong central bank demand, steady ETF inflows and robust free cash flow generation from royalty and streaming companies all point to continued strength in the gold space. For investors looking to participate in this trend, we believe these companies offer an attractive balance of growth potential, income and risk management. Curious about investment opportunities in gold royalty and streaming companies? Email us at info@ with the subject line ROYALTY.
Wall Street Journal
an hour ago
- Wall Street Journal
Measuring Generative AI's Economic Impacts
I am often asked about the potential impact of generative AI on the economy. The reality is that investment in generative AI is already having an impact on economic activity, but not necessarily on productivity which affects longer-term growth. In the first half of 2025, real (inflation-adjusted) investment in information technology equipment accounted for 59% of real GDP growth.1 This category largely involves building out the infrastructure of generative AI, suggesting that investment in this technology drove the economy in the first half of this year. Moreover, in the first half of 2025, there was a sharp decline in real non-residential investment in structures,2 including factories, warehouses, office buildings, and shopping centers. Yet it is likely that there was a significant increase in investment in data warehouses, which would be included in the larger category of structures. If so, it implies that other investments in structures amounted to even less, making investment in generative AI even more impactful. The weakness of investment in structures may be attributed to businesses postponing decisions about the location of facilities due to tariff uncertainty. If investment in generative AI is so massive, this might explain the frothiness of equity prices3 at a time when there is reason to expect a weakening of the overall economy. In fact, the so-called 'Magnificent Seven' tech-related companies accounted for about half of the increase in the S&P 500 index of U.S. shares in 2024. Some believe this is a bubble that will inevitably unwind. A quarter of a century ago, there was the so-called 'dotcom bubble,' in which shares of tech-related companies surged dramatically, ultimately leading to a market correction as the profitability of investments in dotcoms came into question. Moreover, that correction contributed to a mild recession. In today's case, a market correction is a potential scenario worth considering. Tariffs and immigration policy may slow the U.S. economy, and when that slowdown becomes apparent, it will likely result in lower prices of non-tech equities. Tech prices could also come down if investors liquidate positions to cover other losses. Another major area of concern related to generative AI is electricity consumption.4 The International Energy Agency (IEA) predicts that in the U.S. 'power consumption by data centers is on course to account for almost half of the growth in electricity demand between now and 2030. Driven by AI use, the U.S. economy is set to consume more electricity in 2030 for processing data than for manufacturing all energy-intensive goods combined, including aluminum, steel, cement and chemicals.' In addition, the IEA said that 'global electricity demand from data centers is set to more than double over the next five years, consuming as much electricity by 2030 as the whole of Japan does today.' Moreover, about half of planned increases in electricity capacity in the U.S. involve renewable energy sources. With cuts to subsidies for such investments, this capacity will involve higher energy costs for consumers. In fact, the Deloitte Center for Energy & Industrials predicts that these trends will result in a significant increase in electricity costs for U.S. households. That, in turn, could have a negative impact on consumer demand. While investment in generative AI is playing a big role in driving economic growth and asset valuations in the U.S., there remains uncertainty as to when this investment will pay off in terms of productivity gains, which affects longer-term growth. Theoretically, generative AI should eventually have a big positive impact on labor productivity, thereby generating faster economic growth and improvements in living standards. On the other hand, it will significantly disrupt labor markets. Yet what we know from history is that there is a lag between the introduction of new technologies and their impact on productivity. It takes time for new technologies to become fully embedded in an economy. In part this is because it takes time to figure out the best ways to utilize new technologies. Although generative AI is already having an impact in some industries and some processes, it is not yet fully integrated into the economy in a way that drives overall productivity. Influences on U.S. Government Debt Following passage of the so-called One Big Beautiful Bill by the U.S. Congress in July, the non-partisan Congressional Budget Office (CBO) published its baseline forecasts for US government deficits and debt.5 The baseline makes reasonable assumptions about future trends in economic growth and other factors. Under that baseline scenario, the deficit remains high and the level of debt continues to grow sharply. However, the CBO also published alternative scenarios based on different assumptions. One assumption that is very important is the predicted rate of growth of total factor productivity (TFP), a measure of the increase in output growth that comes after taking account of increased supplies of labor and capital. It reflects the impact of technological innovation and process improvements. If the introduction of generative AI is successful in the years ahead, it will likely boost the growth of TFP. Although the CBO does not explicitly discuss the impact of generative AI on productivity, it does offer an alternative scenario in which TFP grows 0.5 percentage points faster than the baseline scenario for the foreseeable future. Under this scenario, federal debt held by the public would be 113% of GDP by 2055 versus a baseline scenario of 156%. That is because a stronger economy would generate faster growth of revenue. In fact, under the faster productivity growth scenario, real GDP per person would be 17% higher than under the baseline scenario by 2055. If government borrowing turns out to be less than currently anticipated that could mean lower bond yields. On the other hand, if the economy grows faster (all other things being equal), that implies higher bond yields. Meanwhile, faster productivity growth would likely mean lower inflation than otherwise. Should productivity grows even faster than the CBO's alternative scenario suggests, then theoretically the budget deficit could go away. We simply don't know. We know that, historically, productivity growth has been uneven and unpredictable.6 We also know that there has generally been a large lag between the introduction of radically new technologies and their impact on productivity. This was true of computers which were widely introduced in the 1980s but where productivity acceleration did not take place until the late 1990s. Of course, no one knows how much faster productivity will grow due to the introduction of generative AI, or even if it will grow faster at all. ——by Ira Kalish, chief global economist, Deloitte Touche Tohmatsu Limited
