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Forever 21 is getting closer and closer to closing its doors forever. Bloomberg reports that it is known for its $7 T-shirts and $12 gowns, the struggling fast retailer is preparing to file for bankruptcy after failing to acquire a buyer. JCPenney, Aeropostale and Eddie Bauer. This will mark the retailer's second bankruptcy in six years as it fights Chinese competitors such as Shein and Temu. In 2020, Forever 21 was purchased by a consortium for $81 million, including Simon Property Group, Brookfield, Brookfield and ABG, led by Jamie Salter. Despite the challenges, Salter remains hopeful, believing that the brand can compete by hiring new design teams and accelerating production through new manufacturing deals overseas. A potential plan could open about 100 stores in high traffic areas, although industry insiders warn that maintaining such a small amount could be subject to efficiency. In 2023, Shein became part of the Forever 21 ownership group, adding another layer to the retailer’s continued transformation.
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