Canadians who love to find deals and clothing at Forever 21 are in for a big disappointment, as all Forever 21 locations in Canada are closing down. The 44 locations are being shuttered after the company declared bankruptcy. The company will be closing up to 178 stores in total out of about 800 global locations.
Forever 21 had previously faced problems with debt, and was reportedly looking at bankruptcy as its only option. Now, that has become a reality. "After considering numerous options, we have made the difficult decision to discontinue operations in Canada," said Forever 21 CFO Bradley Sell, according to Retail Insider. "While this decision was not easy to make, we believe it is the right one for Forever 21 Canada."
Sell also noted that Canadian operations for Forever 21 were no longer economically viable. The company will also close most of its Asian and European locations while continuing to operate in Mexico and Latin America.
Forever 21's Canadian store closures will leave approximately 880,000 square feet of empty retail space across the country. Their decision to close this many stores is not an uncommon one in the business world. According to CTV News, American retail companies are set to close 8,558 stores in total while only opening 3,446.
Canadians are obviously upset about Forever 21 leaving, well, forever, and they took to Twitter to express their grief.
"RIP Forever 21 stores in Canada...thank you for supplying middle school and high school me with a truly endless array of owl-themed jewelry," wrote @sanam_yar.
Another user, @austral_taur, saw an opportunity in the bad news, writing, "Forever 21 closing in Canada screams sale sale sale, and tbh I'm pretty stoked about that!"
Other users got angry about the fact that Forever 21 closing means they will have to find other places to shop. "I HOPE @Forever21 Doesn't close. Only place i can find clothes in my size in Canada that I can afford. Oof." wrote @Lanavango98.
Forever 21 was founded back in 1984 and grew in popularity during the late '90s and early 2000s. Canadian stores are expected to stay open during the process of liquidation and heading into the Christmas season. That means there are probably going to be some pretty wild sale prices.