This episode outlines the history and ultimate downfall of Forever 21, an American fast-fashion pioneer established in 1984 by South Korean immigrants. After decades of global expansion into massive storefronts, the company struggled with high rental costs, competition from e-commerce rivals, and various legal disputes regarding labor practices and copyright infringement. Following an initial bankruptcy in 2019, the retailer was acquired by the SPARC Group but continued to face financial instability. By May 2025, the company shuttered all physical locations in the United States after a second Chapter 11 filing and a failed search for a buyer. Currently, the brand survives exclusively as an online-only ret ...