I’m wondering if the fact that some stores that have historically located inside malls are dwindling in popularity BECAUSE they are or have been in malls. Or is it just a case of whatever type of store they are has become outdated. When I read about this bankruptcy or that bankruptcy (more and more frequently these days, it seems), and they’re not restaurants, they seem to be mall stores.
I do know that if a store IS popular enough, it will hightail it to another location. Bath & Body Works comes to mind. But with so many CLOTHING stores populating malls, I’m not surprised that some would get “cannibalized” by others, for lack of a friendlier term.
Forever 21 Bankruptcy
Case in point…Forever 21, which as been in a variety of malls seemingly, ahem, forever has just filed for Chapter 11 bankruptcy. It’s their second in six years. Business Wire gives us this from Forever 21 CFO Brad Sell.
Following the conclusion of our strategic review and after careful deliberation, we made the decision to file for chapter 11 to implement a court-supervised marketing process to solicit a going concern transaction, and, in the absence of such an arrangement, an orderly wind down of operations.
Why Forever 21 Filed for Bankruptcy
Sell goes on to say that competing against “foreign fast fashion companies” (companies that produce copycats of high-end, trendy clothing very quickly) has proved so difficult that the company hasn’t been able to find a “sustainable path forward.”…