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Forever 21 Is Downsizing Its U.K. Retail Footprint
Forever 21, which launched a small fleet of stores in Great Britain six years ago, is taking another look at its retail portfolio after losing millions of dollars.
The Los Angeles–based fast-fashion retailer has appointed property agents Harper Dennis Hobbs to take a look at its four remaining stores in England to decide whether to reduce their size or close them, according to reports in The Telegraph newspaper in London.
Already, Forever 21 has closed its stores in Glasgow, Scotland, as well as Stratford, Essex and East London in England. All these stores are expected to be taken over by Swedish fast-fashion retailer H&M.
The LA retailer is evaluating what to do with its properties in Liverpool, Birmingham and two outlets in and around London, including the Oxford Street shop, which doubled in size four years ago.
In documents filed with the British government, Forever 21’s U.K. branches showed a $98 million pretax loss in 2013 and a $27 million pretax loss in 2014.
A Forever 21 spokeswoman told British reporters that the retailer is constantly evaluating its portfolio.
