Since Forever 21 announced it would be closing all 44 locations in Canada, shoppers have been ready to stock up on ultra-cheap clothes for the last time. The Forever 21 Canada liquidation sale will begin on Tuesday, October 8, after the company filed for Chapter 11 bankruptcy last week, September 29. The discounts are expected to bring huge crowds, and people on social media have been posting their anticipation all week.
Yahoo Finance reports that the liquidation sale still needs to be approved in court by tomorrow at the latest. Should it be officially approved, sales are expected to last until November 30. However, that is subject to change and could wrap up sooner.
Gift cards will no longer be sold, but those who are in possession of them will be able to use those gift cards until October 15. After that date, they will be eligible for use for online shopping only from the company's U.S. store.
The Los Angeles-based retailer is closing locations in Europe and Canada but will remain open in the United States, Mexico, and Latin America. Approximately 2,000 people in Canada work for Forever 21.
The news has been met with sadness, but mostly, people can't wait for those sales to finally begin. We can't tell if people are more happy or sad about this, but they are definitely ready.
Check out this employee's reaction to the public rampage. Seems like people are really going wild for this.
Stores are set to close by the end of the year. Prices are as low as $2 for this epic sale, which explains why everyone's apparently been wilding.
Meanwhile, the company, which has been a popular trendsetter for years, has stated that international locations have been underperforming and are unprofitable. They will be focusing on their retail spaces in the U.S. as a result.
“We had hoped for a different outcome,” Bradley Sell, the chief financial officer for Forever 21 Canada, said reporting to Global News.
“But after years of poor performance and challenges set forth by the headwinds facing the retail industry today, our Canadian operations are simply no longer economically viable.”