A Famous Clothing Mall Retailer Is Now Closing For Good

A famous clothing mall retailer is now closing for good after it filed for bankruptcy, leaving several loyal customers in despair.

A Forever 21 store located in a popular shopping mall is set to close in days after more than a decade of business.

Fans of the retailer are in despair after several of the chain’s stores across the US have shut or are closing, reports The US Sun.

The Forever 21 outlet at the Westfield Galleria Mall in Roseville, California – located around 25 miles from Sacramento – will close on March 31.

It comes just years after the chain filed for bankruptcy.

The store is closing after 15 years of business, per The Sacramento Bee.

Westfield Galleria is home to chains including Nordstrom, Macy’s, JCPenney, and Abercrombie & Fitch.

The Forever 21 store located in the Westfield shopping center is just one of several outlets that are closing.

Reacting to the closures, one fan said, “All the Forever 21 stores closing down fr [for real]? Ain’t no way this world is ending.”

Three Forever 21 stores in Kansas City, Kansas, are also closing down and liquidation sales have started.

The prices of clothes have been cut by 50% as bosses rush to clear the last remaining stock.

Signs warning customers that everything must go are hanging from windows, per The Kansas City Star.

Last month, The U.S. Sun reported that the Forever 21 store inside the Destiny USA mall in Syracuse, New York, is also closing on March 31.

Forever 21 has been part of the American retail scene for almost 40 years but in 2019, chiefs filed for bankruptcy.

At the time, bosses expected that up to 178 stores would shut in the US as part of the company’s restructuring plans.

Forever 21 has more than 540 stores globally.

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Also Read: A Massive Company Now Announces Unexpected Layoffs in Arkansas

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Market News Today - A Famous Clothing Mall Retailer Is Now Closing For Good.
Market News Today – A Famous Clothing Mall Retailer Is Now Closing For Good.

An AI supplier now announces unexpected job cuts of its corporate staff members as it winds down its tablet business.

Presto has laid off 18% of its workforce, or 24 corporate staff members, the company said in an SEC filing Monday.

The company said the reductions, which will be largely completed by the end of fiscal Q4 2024, will save $3.1 million annually.

In September, Presto laid off 17% of its workforce, or about two dozen employees.

At the time, the company employed 137 full-time workers.

In addition to its layoff notice, Presto said it sold 4.8 million shares, raising $1.2 million.

Along with other cash resources and projected revenue, the company said it has sufficient funding to operate through April 1.

It is also “exploring alternatives” and talking with other potential investors to raise capital.

Presto is now focusing on Presto Voice instead of its tablet business, which it would either sell, partially sell or abandon, reports Restaurant Dive.

The company’s Presto Voice clients currently include Checkers, Carl’s Jr., Hardee’s and Wienerschnitzel.

Its previous client, Del Taco, which anticipated bringing drive-thru AI to its system, decided not to continue with Presto Voice as of last year, the company said in an SEC filing.

Presto’s decision to focus on its drive-thru AI product coincided with the departure of its biggest Touch clients: Applebee’s, Red Lobster and Chili’s.

These three clients made up 88% of the company’s Touch revenue in the second half of 2023.

When Presto began focusing on its Voice business, its Touch business became less of a priority, even though Touch generated about 90% of the company’s 2023 revenue.

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Also Read: A Crafts Retailer Now Declares An Official Bankruptcy

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Market News Today - A Famous Clothing Mall Retailer Is Now Closing For Good.
Market News Today – A Famous Clothing Mall Retailer Is Now Closing For Good.

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