Last September 26, 2019 a local mall in Houston, Texas has locked a Forever 21 store due to failure of paying rent worth more than $140,000.
A local mall in Houston, Texas has changed the locks of a Forever 21 store due to failure to pay rent worth more than $147,000. This happened just a few days before the popular fashion retailer announced that they will be filing a Chapter 11 bankruptcy to reorganize their company and as a result will close more physical stores in the United States and around the world.
Forever 21 has been known in the fashion industry as a favorite shopping place for people who like cheap, yet fashionable pieces. They are well known for constantly putting out the latest trends in fashion at a fast pace and selling them at low prices. They were once one of the most popular brands and had $4.4 billion worth of clothes sold globally at their peak.
In order to continue their growth, Forever 21 aggressively expanded and opened stores in different parts of the world at a breakneck speed. In fact they have over 400 stores in the United States alone and are present in almost every mall in the country. The rapid and aggressive expansion was deliberately done in order to cultivate and expand the following of their brand in order to make more sales.
However, despite becoming an empire and a leader in terms of sale, Forever 21 has decided to file for Chapter 11 bankruptcy in the United States. By filing for a Chapter 11 bankruptcy, the company will be allowed to reorganize the company and make a new start. They have already acquired a $275 loan from JPMorgan Chase and an additional new capital worth $75 million from TPG Sixth Partners.
But as a result of this step, they will also have to close majority of their 815 stores around the world. In the United States alone, they are planning to close out 178 stores. A lot of their stores in Asia and Europe will also most likely be closed in their efforts to reorganize the company and lessen the burden of paying rent.
Although Forever 21 was a huge company they have not followed the trend of e-commerce where most stores make their products more accessible to people by allowing them to buy it online. The e-commerce trend has been steadily growing and used to be only popular to small clothing businesses who cannot afford renting a space in a mall or a store. However, as more people rely on the internet, more people have also preferred to shop and buy things online instead of buying in the mall. This includes buying clothes.
Due to the change in attitude and pattern of the buyers’ shopping habit, bigger companies have also followed suit and have made their online presence felt. They did so by having their brand available online via big online shopping websites like Amazon, or by creating their own online store. Forever 21 never followed this trend and instead went ahead with their initial strategy which was to open more physical stores.
This resulted in the steady decline of sales in the company. The competition has gotten stiffer, with online companies like Fashion Nova putting out fashionable and trendy clothing at a fast pace and on top of that, they also manage to partner with popular celebrities to do collaboration pieces in order to expand their following. H&M has also done a lot collaborations with popular celebrities and fashion influencers.
In the case of Forever 21, this does not have to be the end for them. They can still compete with other brands and with the help of their huge following, start anew and with a better plan.
Non-face-to-face concert injuries…Full-scale preoccupation of SM and Big Hit online platforms
K-pop big-name K-pop agencies have jumped into the preoccupation of “online platforms.”
It has already been used as an important channel for K-pop to frequently meet fans from afar as it has been in full swing. However, due to the spread of COVID 19, ‘Uncontact (non-face-to-face) communication’ has become important, and the use of online platforms is in full swing.
SM Entertainment is a leading agency. SM recently signed an MOU with Naver to push for joint global projects to strengthen its global entertainment competitiveness.
By combining SM’s expertise in discovering and producing global artists and Naver’s based technology, the company will join forces in expanding the global market for its “Fanship” platform, a global membership community.
FANSHIP is a paid-in fan club community launched by Naver last year. Stars can manage their fan clubs themselves. It is also possible to disclose exclusive content for fans, and to check what activities fans have done and how much they have used the content.
Many singers as well as actors are already using FANSHIP. Naver is showing its willingness to further expand its overseas fan market by cooperating with globally popular SM singers.
Big Hit Entertainment, which owns the global group BTS, is already actively operating its own fan community platform, Weverse. It has been receiving positive responses for its convenience in easily checking singers’ schedules and communicating in real time.
There is also a special content that will be released only through Weverse. In November last year, BTS unveiled its own travel program “Bon Voyage” season 4 through Weverse. Previously, the series had been released on Naver’s V app channel.
Another feature of Weverse is that it works offline. BTS’ concert in Seoul in October last year was packed with tickets sold out, but it was possible not to line up thanks to its preorder of MDs through commerce platform Weverse Shop. He also sent messages to BTS members, checking the waiting time of the food zone through Weverse.
Earlier, Yoon Seok-joon, co-CEO of Big Hit, said about Weverse and Weverse Shop that it was one of Big Hit’s plans to build a “one-stop service with the music industry.”
Weverse was created by BeNX, a subsidiary of Big Hit. BTS, the team’s junior group “TXT,” and Source Music’s group “G-FRIEND,” which was incorporated as a big hit label last year, are communicating with fans through the platform.
Especially noticeable is that other teams from other agencies besides Big Hit have also entered Weverse. It is a group called “Seventeen” belonging to Pledis Entertainment. This is the moment when the influence of Big Hit and Weverse is gradually expanding.
The Fast Company, a U.S. economic media outlet, recently placed Big Hit on the list of “The World’s Most Innovative Companies 2020” after Snap, Microsoft and Tesla, drawing attention to “Weverse” and “Weverse Shop.”
As seen in BTS’ fandom “ARMY,” loyal fans can help make the team a singer who can influence the world. An independent platform that can only be shared by stars and fans is important to make them a “hot community.”
Mandy Moore Almost Walked Away from Hollywood
Amid a divorce and challenges finding work, Mandy Moore asked herself whether it was worth it to continue acting in 2015.
“I just felt like I was at a point in my life where I was the most comfortable making myself the least priority, and I made myself as small as possible to make someone else comfortable.”
After filing for divorce in 2015, she just wanted to give up acting entirely.
“I had done four failed TV pilots. So, I was kind of at the point where I was like, ‘Maybe this acting this is done for me.’ Like, ‘Maybe I need to hang it up and go back to Florida, go to school, go try my hand at something else.’”
However, the 35-year-old actress never had to make that tough decision to go back home because she landed “This Is Us” in 2016.
Fans of the singer-actress know that she has been a celebrity for twenty years, starting at the age of 15.
A couple of years later, she was able to release five albums and had gotten to marry music producer Ryan Adams.
When she got married, Moore thought it would inspire her to be more creative, but it was reportedly such a toxic environment.
Moore and Ryan Adams were married from 2009 until 2016.
In 2019, Moore spoke against her ex-husband in an exposé published by the New York Times.
“Music was a point of control for him. He would always tell me, ‘You’re not a real musician, because you don’t play an instrument,” Moore continued, “They would write songs together and promised to record but didn’t follow through.”
Adams would even book them time in the studio, but later would just be replaced with other women.
According to the “Candy” singer, because of his controlling behaviour, it was difficult for her to make new connections in the industry, especially at a pivotal and potentially lucrative time. She was at her 20s by that time.
Mandy Moore says that her ex-husband yelling at her and making her feel inadequate and not good enough is psychologically abusive.
But her ex-husband commented on the interview saying that Moore’s “revelation” of their marriage is all lies.