Forever 21 looks like retail gold — or did. The company's outlets were prize tenants in malls all over America. It has three stores in Manhattan alone. Forever 21 built a reputation as a leader in the so-called fast fashion business, where retailers develop and manufacture lots of cheap clothing in the very latest designs.
But Forever 21 recently filed for bankruptcy protection. The company is now closing hundreds of stores and slashing costs in a drive to survive. And it's not the only retail company of its kind with these issues. Many of the stalwarts of the fast fashion business are beginning to look a little... threadbare.
On today's show, we find out where the stitching in the fast fashion model is beginning to fray.
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