The fast fashion company filed for bankruptcy on Sunday evening, ending months of speculation.
estimated their net worth had fallen to a combined $600 million—a figure which was likely high, but represented a precipitous decline for a couple who were once worth billions. At their 2015 peak, the Changs had a combined net worth of $5.9 billion and were celebrated as an embodiment of the American Dream.
In the last decade, Forever 21 aggressively expanded its store count, at a time when many retailers sought to shrink their mall presence. The company had ambitions of becoming a new kind of department store where the entire family could shop and targeted giant, multi-level spaces. Its store count swelled from 500 stores in 2010 to 600 in 2014 to 800 in 2018. A large part of this growth came from international expansion as it opened its doors in over 40 countries.
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