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Admittedly, my Facebook vacation had been in the works for a while before I closed the tab on my laptop. After slogging through what felt like an onslaught of political memes and angry screeds, I ...
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Gadzooks – Founded in 1983 as a T-shirt store, Gadzooks grew to a 250-store mall fashion retailer before making an ill-advised decision to discontinue menswear. The company was purchased by competitor Forever 21 out of bankruptcy in 2005, with its stores either closed or converted to F21 formats.
Originally known as Fashion 21, [9] the store was founded in Los Angeles on April 16, 1984, by Do Won Chang and Jin Sook Chang, married immigrants from South Korea. [10] The original 900 square feet (84 m 2) store [11] was located at 5637 N. Figueroa Street in the Highland Park district of Los Angeles.
The original negotiations failed, and Mervyn's liquidated all 149 stores under the bankruptcy action. Several months later, department store retailer Kohl's and Forever 21 prevailed in a joint bid at bankruptcy auction to take over the leases of 46 Mervyn's stores; Kohl's has assumed 31 stores, while Forever 21 has assumed 15 stores. [26]
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The store took off, and as they expanded to other locations, the store's name was changed to Forever 21 otherwise known as XXI. The number of stores grew to 600, with 30,000 employees by 2015. [ 3 ] The company has remained a family-owned operation.
Research published by global retail analyst IHL Group in 2019 suggests that the so-called retail apocalypse narrative was an exaggeration, with "more chains that are expanding their number of stores than closing stores.” [7] That year, retailers in the United States announced 9,302 store closings, a 59% jump from 2018, and the highest number ...