Oxford Valley Mall Store To Close As Company Begins Liquidation

March 17, 2025

The Forever 21 store at the Oxford Valley Mall is set to close in the coming weeks as the company initiates an “orderly wind down” of its operations.

The announcement follows Forever 21’s filing for Chapter 11 bankruptcy, a move that will result in liquidation sales at its remaining stores and on its website, which will remain open until operations cease, the company said on Sunday.

“On behalf of the company, I’d like to express our deep appreciation for the hard work of our dedicated employees and their commitment to our customers,” said Brad Sell, the company’s chief financial officer, in a statement. “We are also grateful for the many years of support from our partners and our loyal customers, who have allowed us to serve as a fashion industry leader and go-to retailer for generations.”

Forever 21, which had been closing stores and its Los Angeles headquarters, will seek potential buyers for the company or its assets during the process of closing all of its stores.

CNBC reported Monday that the company had engaged with approximately 200 potential buyers in recent months, but no deals materialized.

According to bankruptcy filings, competition from Chinese e-commerce retailers like Shein and Temu contributed to the company’s financial struggles.

A company executive stated in a filing that the U.S. de minimis exemption, which allows goods valued under $800 to be shipped from overseas without import fees, “undercut” Forever 21’s business as the company faced import duties and tariffs on its merchandise.

Founded in South Korea in 1984 by Do Won and Jin Sook Chang, Forever 21 became a global fast-fashion leader.

The company entered first bankruptcy filing in 2019 amid high rents and stiff competition. The company emerged under a trio of new owners, including Simon Property Group, which also owns the Oxford Valley Mall in Middletown Township.

At its peak, Forever 21 operated approximately 800 stores worldwide, including about 500 in the United States. That number had decreased to around 350 U.S. locations prior to the current closures.

Authentic Brands licenses Forever 21’s trademark and intellectual property to Catalyst Brands, which also includes J.C. Penney and a number of other recognizable retailers.