Latest news with #JarrodWeber
Yahoo
02-05-2025
- Business
- Yahoo
Beloved Clothing Store Is Closing All 354 Locations in the U.S.
A beloved clothing store is closing all 354 locations nationwide. According to USA Today, all of Forever 21's 354 "leased stores in the U.S. are to close by May 1," and some already started closing in April. "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," he told the news site. According to CNBC, Forever 21 "blamed fast-fashion e-tailers Shein and Temu for its demise." The company "is expected to cease all operations in the U.S. and has already begun liquidation sales at its more than 350 locations," CNBC confirmed. "After careful deliberation, we have made the decision to file for chapter 11 bankruptcy protection under chapter 11 of the U.S. Bankruptcy Code," a notice on Forever 21's website says. "We are deeply grateful for the support you have shown us over the years, but rising costs and increased competition from abroad have made our current business model unsustainable." The website statement added: "In connection with the filing, we are beginning the process of closing a number of stores across the U.S. Importantly, however, our stores will remain open for the time being and we will continue to fulfill customer orders placed online. We also will continue to honor customer gift cards and store credit through and including April 15, 2025." The company added, "All sales both in U.S. stores and the U.S. website are now final. Accordingly, we will no longer be accepting returns or exchanges. Additionally, at this point, we are no longer offering new gift cards or credit cards." The statement noted that the company will still have international stores. "This process applies only to Forever 21's operations in the United States. Forever 21 stores outside of the U.S. will continue to operate business as usual," the statement says. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-05-2025
- Business
- Yahoo
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. 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. Forever 21 stopped accepting gift cards and store credit on April 15. Refunds and exchanges are also no longer available. 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." Greta Cross is a national trending reporter at USA TODAY. Story idea? Email her at gcross@ This article originally appeared on USA TODAY: Forever 21 shutters all US stores: Here's what to know
Indianapolis Star
30-04-2025
- Business
- Indianapolis Star
All US Forever 21 stores are set to close: Here's what shoppers should know
"Retail is changing, and like many brands, Forever 21 is adapting to create the right balance across stores, e-commerce and wholesale," Jarrod Weber said. 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."
Yahoo
30-04-2025
- Business
- Yahoo
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. 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. Forever 21 stopped accepting gift cards and store credit on April 15. Refunds and exchanges are also no longer available. 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." Greta Cross is a national trending reporter at USA TODAY. Story idea? Email her at gcross@ This article originally appeared on USA TODAY: Forever 21 shutters all US stores: Here's what to know Sign in to access your portfolio
Yahoo
30-04-2025
- Business
- Yahoo
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. 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. Forever 21 stopped accepting gift cards and store credit on April 15. Refunds and exchanges are also no longer available. 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." Greta Cross is a national trending reporter at USA TODAY. Story idea? Email her at gcross@ This article originally appeared on USA TODAY: Forever 21 shutters all US stores: Here's what to know Sign in to access your portfolio
