Classic mall store shuts down in U.S.

Kelsey Barberio brings you the biggest news of the day, including why Forever 21 is closing all U.S. locations.

Transcript

00:00A once-popular retailer is closing its stores in the U.S. for good.

00:04Forever 21 announced it has filed for bankruptcy for the second time in just six years, and

00:10it will be implementing an orderly wind-down of its stores here in the States.

00:14The company's CFO released a statement saying,

00:16We have been unable to find a sustainable path forward given competition from foreign

00:21fast fashion companies, as well as rising costs, economic challenges impacting our core

00:25customers, and evolving consumer trends.

00:28Forever 21 first filed for bankruptcy in 2019, and closed 200 of its then 800 worldwide

00:34locations.

00:35Now, according to its website, Forever 21 currently has 540 locations globally and online.

00:41However, Forever 21 is certainly not alone when it comes to store closures.

00:46According to CoreSite Research, major U.S. retailers closed more than 7,300 stores in

00:502024.

00:51That's an almost 60% increase from the year prior.

00:55That'll do it for your daily briefing.

00:56From New York City, I'm Kelsea Barberio with The Street.