Forever 21 has filed for Chapter 11 bankruptcy protection and plans to close up to 178 U.S. stores.
Ray Wimer is an assistant professor of retail practice at Syracuse University’s Martin J. Whitman School of Management.
Wimer says:
“The business factors that contributed to this latest news for Forever 21 were its over-expansion too quickly, and the company took on too much debt in order to fund the expansion.
“There are also consumer factors that likely played a part. Customers are pushing more for transparency in the supply chain and sustainability of the products they buy. They also tend to lean more toward renting, re-using or sharing clothes. Consumers are also moving more to online shopping and away from the shopping mall in general.
“The result was declining revenues with increasing debt payments that put them into the situation to file for Chapter 11.”
To request interviews or get more information:
Daryl Lovell
Media Relations Manager
Division of Communications and Marketing
T 315.443.1184 M 315.380.0206
dalovell@syr.edu | @DarylLovell
820 Comstock Avenue, Suite 308, Syracuse, NY 13244
news.syr.edu | syracuse.edu
Syracuse University
Jack Ramza ’22 is almost halfway through his time at Syracuse University and has already achieved great success. Ramza was recently honored with an Unsung Hero Award at the 35th Annual Rev. Dr. Martin Luther King Jr. Celebration. These awards are given annually to community…
In their new book, “Transnational Crime and Black Spots: Rethinking Sovereignty and the Global Economy,” published by Palgrave MacMillan, Maxwell School faculty members Stuart Brown and Margaret Hermann examine 80 safe havens across the globe from which transnational criminal, insurgent…
On March 1, New York state will join the growing number of states and local municipalities across the country in the movement to ban the use of plastic bags. At the Syracuse University Bookstore, Director Roger Hailstork and his staff…
The Center for Strategic and International Studies (CSIS), the Maxwell School’s strategic partner in Washington, D.C., and home to its Maxwell-in-Washington program, has been named the number one think tank in the United States in the Global Go To Think…
This week, Macy’s announced it will be closing 125 stores over the next three years in an effort to combat slumping sales. Ray Wimer is an assistant professor of retail practice at Syracuse University’s Martin J. Whitman School of Management….
If you need help with your subscription, contact sunews@syr.edu.
