Forever 21, a pioneer of fast fashion, has filed for bankruptcy and will close its remaining US stores. The company cites intense competition from foreign fast-fashion retailers, leveraging pricing advantages, as a major factor in its demise. Rising costs, economic headwinds, and shifting consumer trends also contributed to the decision. While US stores will close, international locations and the company’s website will remain operational.
The recent news about President Biden targeting Shein and Temu with new rules to curb the alleged abuse of a U.S. trade loophole has sparked a lot of discussion online. As someone who frequently shops online, I can understand the frustrations that many consumers have expressed about the prevalence of cheaply made products flooding the market from overseas retailers. It’s no secret that companies like Shein and Temu, among others, have been taking advantage of the de minimus provision to avoid tariffs and duties while selling subpar products to unsuspecting customers.
It’s disheartening to see that a significant percentage of packages shipped to the U.S.… Continue reading
John Q. Hosedrinker