A Bankrupt Mall Retailer Now Makes An Unexpected Comeback

April 25, 2024

A bankrupt mall retailer now makes an unexpected comeback after struggling big throughout the pandemic and creating new partnerships.

In the 2010s, Forever 21 was beloved for its cheaper than cheap crop tops, sun dresses, and accessories.

But as folks stopped going to malls — and in 2020 when people stopped going anywhere — sales came to a screeching halt, reports TheStreet.

The retailer filed for Chapter 11 bankruptcy in September 2019, shuttering stores and ceasing operations in 40 countries.

In early 2020, it sold all of its remaining assets to Simon Property Group, Brookfield Properties, and Authentic Brands, as the company was determined to focus more on its central U.S. operations.

A month later, Forever 21 closes all of its stores due to covid.

Since the takeover (which Brookfield has since exited from), Forever 21 has been busy reinventing its name in fast fashion.

It’s partnered with big name designers like Herve Leger and blockbuster cultural phenomena like Barbie.

And on April 24, the mall retailer announced it would launch its own bridal line, signaling its intent to diversify away from clothing meant just for teens or the 20-something bar scene.

The introductory collection features 22 individual styles intended both for the bride and her bridesmaids.

Some of the pieces in the line include:

Dresses
Hair accessories
Swimsuits and lingerie
Shape wear
Pajamas
Cowboy hats
Jewelry and accessories
Shoes
Handbags

The items range in price from $8.99 to $47.99 and sizes from XS to XL.

Most of the items are casual or meant to cater to wedding-adjacent activities, such as bachelorette parties, wedding showers, receptions, and more casual ceremonies.

Bridal seems to be the future for more than one mall retailer. Earlier in 2023, Abercrombie & Fitch (ANF) said it would launch its own bridal line, featuring a line of about 100 dresses and accessories with a price range of $70-$200.

Also Read: A Massive Grocery Brand Now Files For Chapter 11

Other Economy News Today

A grocery chain with 900 outlets now makes an unexpected closure in Illinois, leaving customers mourning its loss.

A Save-A-Lot store in Rockford, Illinois, will be closing its doors for good on May 20.

Customers were informed of the sudden news by a sign on the door telling them to go to another branch for their goods.

However, locals are concerned as a store that opened in February 2015 propped up the neighborhood following the loss of a Schnucks store.

The Save-A-Lot location not only provided jobs but also a budget store.

Following the closure, shoppers are going to be left with fewer options with one resident saying, “We have no choices.”

“This is going to be a hard hit for the people in this neighborhood…this community…and this side of town…we have nothing,” one shopper told WREX.

“I’m not happy because they are a less expensive store, you get more for your money.”

“Schnucks is on the higher end, and Aldi is higher than they used to be.”

The shopper noted that options in the area are limited with the nearest grocery stores being Aldi which is around two miles away, and Schnucks, two and a half miles away.

“We have no choices, we have dollar stores – they have competitive prices, but they don’t carry a lot of stuff you can’t feed a family on that, you need stores like this.”

“I feel like we’re a dry county when it comes to groceries and it’s really hard,” another shopper added.

“I’m kind of heartbroken about it. It’s a shame it’s going to hurt a lot of people.”

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Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing

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