Forever 21 closing stores in bankruptcy filing shows limits to fast fashion
By Richa Naidu and Aishwarya Venugopal (Reuters) - Fast-fashion retailer Forever 21 filed for bankruptcy late on Sunday, joining a growing list of brick-and-mortar companies that have seen sales hit by the rise of competition from online sellers like Amazon.com Inc and the changing fashion trends dictated by millennial shoppers. Forever 21 Inc, the privately held company that helped popularize trendy and cheap clothing, has fallen out of favour with shoppers, in part due to other retailers like Sweden' H&M and Spain's Zara that churn out affordable styles similar to those recently seen on designer runways.
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