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
In 1978, Cliff Ensley ’69, ’70, G’71 had an idea to start his own business and just $2,500 to do it. He was used to taking on challenges—there was no stopping him. Growing up, he struggled with a learning disability—at…
Syracuse University is a longtime affiliate of the Fair Labor Association, which has been nominated for a 2021 Classy Award that will be announced in September. The Classy Awards honor the world’s most innovative nonprofit organizations and social enterprises. The…
Today’s businesses face unprecedented turbulence and disruption. Rapid changes in technology and the impact of globalization yield uncertainty. In response to the growing need for managers with the adaptability to succeed in the changing landscape of business in a global…
Syracuse University student startups Selim Dangoor ’23, founder of MUNCH Jerky, and Sandhya Iyer ’20, CEO of Geek Girl Careers, have been selected for the summer 2021 cohort of the Blackstone LaunchPad Fellowship. Both are active members of the LaunchPad…
Amazon’s competition just got a little bigger. Retail giants Target and Walmart hope to cash in on the yearly sales frenzy of Amazon Prime Day by holding their own retail events on the same days. Ray Wimer, professor of retail…
If you need help with your subscription, contact sunews@syr.edu.
