St. Clair Square set to lose another store — this time a fast-fashion teen retailer
Clothing company Forever 21 announced it will close all its U.S. locations, including a Fairview Heights store, after filing for bankruptcy for the second time Sunday.
Stores and the company’s website remain open for now as Forever 21 seeks a last-minute bidder for its assets, NBC News reported Monday. Liquidation sales have begun, according to CNBC.
“We are deeply grateful for the support you have shown us over the years, but rising costs and increased competition from abroad have made our current business model unsustainable,” Chief Financial Officer Brad Sell said in a press release.
A company official said in a court filing Forever 21’s business had been negatively affected by two online competitors, Shein and Temu, which are e-commerce retailers known for their low-cost, Chinese-made fast fashion.
Forever 21 went into bankruptcy owing $1.58 billion in debt, Reuters reported Monday, after losing more than $400 million in three years.
Gift cards and store credit can still be used at Forever 21 stores through Wednesday, April 16, though gift cards are not being sold anymore. All Forever 21 sales are now final, and returns and exchanges are no longer being accepted. Forever 21 credit cards will no longer be accepted.
The recent chapter 11 bankruptcy filing and subsequent store closures only affect U.S. locations, according to Forever 21, and stores in other countries will continue normal operations. The company first filed for bankruptcy in 2019.
Forever 21 has more than 350 stores in the U.S., including 15 Illinois locations. In addition to the Fairview Heights store at St. Clair Square, the company has locations in Aurora, Champaign, Chicago, Chicago Ridge, Gurnee, Lombard, Norridge, North Riverside, Northbrook, Orland Park, Rosemont, Schaumburg and Skokie.
The St. Clair Square store is open 10 a.m. to 8 p.m. Monday through Saturday and 11 a.m. to 6 p.m. Sunday.
St. Clair Square celebrated its 50th anniversary in 2024, the News-Democrat previously reported, but several stores have closed in recent years. An Express clothing store at the mall closed last year, along with fashion boutique Versona and New Balance in 2023.
Forever 21 operates in more than 540 locations worldwide in addition to its website. As of Tuesday, the company is running an online sale up to 80% off sitewide, with no discount code required.
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