Forever 21 no longer operates physical stores in the United States. The brand’s US operating company, F21 OpCo, filed for Chapter 11 bankruptcy in March 2025 — its second bankruptcy in six years — and closed all 354 remaining domestic stores by April 30, 2025. The company’s CFO pointed to competition from Shein and Temu, and the tariff advantages those platforms had enjoyed, as the primary driver behind the collapse.
But the Forever 21 name itself isn’t gone. Authentic Brands Group, the licensing giant that also controls brands like Reebok and Brooks Brothers, owns the Forever 21 trademark and intellectual property outright. Authentic had shared IP ownership with mall landlords Simon Property Group and Brookfield for a period after Forever 21’s first 2019 bankruptcy, before eventually taking full control. The brand now survives purely through licensing — continuing in international markets and online, even though it has no company-operated US retail presence.
Quick Facts
| Brand | Forever 21 |
|---|---|
| IP Owner | Authentic Brands Group |
| US Operations | Ceased — F21 OpCo filed Chapter 11 in March 2025, all US stores closed by April 30, 2025 |
| Current Model | Licensing only — international stores and online continue under licensees |
| First Bankruptcy | 2019 |
| Cited Cause of 2025 Collapse | Competition from Shein and Temu |
Ownership History
| Year | Development |
|---|---|
| 1984 | Forever 21 founded by Do Won Chang and Jin Sook Chang in Los Angeles |
| 2019 | Forever 21 files its first Chapter 11 bankruptcy; Authentic Brands Group acquires the IP in partnership with mall landlords Simon Property Group and Brookfield |
| 2020s | Authentic Brands Group takes full, 100% ownership of the Forever 21 intellectual property, buying out the mall landlords’ shared stake |
| March 2025 | F21 OpCo, the US operating company licensing the brand from Authentic, files a second Chapter 11 bankruptcy, citing Shein and Temu competition |
| April 2025 | All 354 remaining US Forever 21 stores close permanently |
| 2026 | The Forever 21 brand continues to exist only through Authentic Brands Group’s licensing model — international retail partners and e-commerce, with no company-owned US stores |
Key Ownership Highlights
- Forever 21 illustrates a split that’s become common for struggling retail brands: the brand name and IP (owned by Authentic Brands Group) can outlive the actual retail operating business (F21 OpCo), which liquidated entirely.
- Authentic Brands Group’s licensing model means Forever 21 products can still appear in stores and online — just operated by third-party licensees rather than a company-run US retail chain.
- The brand’s second bankruptcy in six years highlights how difficult the ultra-fast-fashion mall retail model became once Shein and Temu began offering steep price and speed advantages.
FAQ
Who owns Forever 21 now?
Authentic Brands Group owns the Forever 21 trademark and intellectual property. The US retail operating company shut down entirely in 2025.
Are Forever 21 stores still open?
Not in the United States — all US stores closed by April 30, 2025. The brand continues in some international markets and online through licensing arrangements.
