Forever 21 is preparing for a possible bankruptcy, it was reported on Thursday – But all Twitter heard was "closing the sale."
Supporters of the clothing store apparently had little sympathy for the retailer's 30,000 employees or so, focusing instead on getting discounts on the already heavily discounted items.
The news came via Bloomberg who claimed the company is considering entering Chapter 11 amid falling sales. The publication claimed that the negotiator had been in talks with lenders to restructure the debt, but the negotiations had stopped.
LA's headquarters has 800 stores in the United States and around the world; Bankruptcy would allow it to dump its unprofitable places.
And, as Twitter quickly realized, closing out stores means getting rid of excess inventory.
Along with the many memes to people rushing to pick out carcasses, much of social media pointed out what they thought was the reason behind the company's potential fall, including Flamin & # 39; Hot Cheetos and United States Postal Service collections .
According to Bloomberg, closing Forever 21
Without anyone to fill the empty spaces, landlords may consider taking a stake in the retailer to avoid it; Bloomberg reported that while co-founder Do Won Chang wants to maintain his controlling stake, dissatisfied company officials have proposed such a deal to landlords without his approval.
See some of the reactions to the news below:
I think of all the Forever 21 employees who will lose their jobs. But also to think about the bankruptcy sale. pic.twitter.com/fuLpxyyhE5
– Llama Drama (@ basicqueen69) August 29, 2019
I'm waiting to take advantage of liquidation sales forever 21 pic.twitter.com/ QKkqAXAXJA
– alex (@ayyy_ly) August 29, 2019
forever21 stores looking at their stock and wondering what to do with all unsold sequins "taco tuesday" and glitter emoji booty shorts after submitting bankruptcy pic.twitter.com/UaPpo6V2Aa
– 🛸 𝕶𝖔𝖗𝖊𝖆𝖓 𝕲𝖊𝖓𝖊𝖘𝖎𝖘 🛰 (@gravelygenesis) August 29, 2019
With Forever 21 bankruptcy, I have no idea where I'm going to get dresses shown as size 14 which is actually size 4.
– Charlotte Clymer🏳️🌈 (@cmclymer) August 29, 2019
forever 21 bankruptcy sale? this is going to be y & # 39; all pic.twitter.com/SmNHzmVono
– Ali (@aIisimmons) August 29, 2019
Soooo forever 21 goes bankrupt, but rue 21 and the rainbow is still open? !!!! pic.twitter.com/GZYX0tT4Jo
– 💎💰 (@dreyonceeeee) August 29, 2019
Wait Forever 21 goes bankrupt around the time I'm about to be 22 … for a coincidence. Can't Be Forever 21 All My Life
– yous mbb ♡ :): (@yous_bts) August 29, 2019
Being unable to make enough money to exist independently is the most true name thing Forever 21 ever done https://t.co/RXHWN2FnMh Chapter19459003 ?? – maura quint (@behindyourback) August 29, 2019
Forever 21 preparing for bankruptcy shows you how fast the fashion industry is today. You need to innovate and have new ideas every day if you want to stay on the market. The joy of the competition.
– Diego Barrueco (@DiegoBarrueco) August 29, 2019
Forever 21 may be declaring bankruptcy which, frankly, is a real 30 and over move.
– Subhah (@Subhah) August 29, 2019
Tbh I get all my shit here. Don't spend $ 60 for a Hollister jean skirt when Forever 21 has the same for $ 20 🤷🏻♀️🤷🏻♀️🤷🏻♀️ https://t.co/F6ZeHxWUi3 Chapter19459003 ?? – —Natasha Maxin🍓 ( @ Natasha_Maxin) August 29, 2019
forever 21 filing for bankruptcy is probably the best thing to happen right now because I need new clothes pic.twitter.com/0QUDjXrPPm
– ً (@ vantestaegi) August 29, 2019
Toys T Us, Sears, Forever 21, Kmart, Macy's, JC Penny closes and goes bankrupt due to Amazon and automation. Millions of people lose their jobs and more to come.
It's not immigrants, it's robots. # Yang2020
– Yang 2020 – Forward (@MoneyMathWeed) August 29, 2019
the fact that 21 is filing for bankruptcy does not affect me because all their clothes for little ass girls pic.twitter .com / ZCN14tCLgS Chapter19659011achte— 𝐣𝐮𝐥𝐢𝐚 (@yirensclit) August 29, 2019
I mean …. Forever 21 played himself pic.twitter.com/2DW4pQadJc
– vin (@pevineleven ) August 29, 2019
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