Forever 21 Falls, a Fast-fashion Bankruptcy

Forever 21’s bankruptcy crystalizes the end of a retail age — one that was characterized by an ever-expanding brick-and-mortar presence and ever-lower prices. The fast-fashion company limped into bankruptcy late Sunday with too many stores that were too big, not enough of an e-commerce business and an international expansion that stretched its quick-turn supply chain to the limit. Rather than embracing today’s main themes in retail — where sustainability, a smaller footprint, an emphasis on experience and strong brick-and-click connections rule — the L.A.-based company jumped at real estate opportunities in a rapidly shifting market, doubling down on old-world retail just as the consumer took a hard turn. Now the retailer, which at its peak employed 43,000 people and logged $4.1 billion in annual sales and has long been known for its legal battles, plans to trim down and grow its web business — hoping to keep a family dream alive and adding a second chapter to a 35-year-old company that, for a time at least, successfully marketed itself as a kind of fountain of youth. “Forever 21 is a story about family and the ‘American Dream,’” said Jonathan Goulding, the retailer’s chief restructuring officer, in court filings. “In an age when retail, as

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