Forever 21, Pier 1: Bad News For 2 Major Retailers In Sarasota

MIAMI, FL — It looks like "forever" may have been a bit of a stretch in the name Forever 21 and Pier 1's ship never came in as both retail chains announced possible store closings. Forever 21 will close up to 178 stores in the United States while home decor goods store Pier 1 may close up to 145 of its locations.

Forever 21 announced it has filed for Chapter 11 bankruptcy in a Sept. 29 letter to customers. The teenage clothing store made it clear, though, it wasn't going out of business, and instead filed for bankruptcy protection as a "deliberate and decisive step to put us on a successful track for the future," according to the letter.

Pier 1 announced their own possible store closings after reporting low financial results on Sept. 25.

"As anticipated, our fourth-quarter sales and profitability were disappointing and reflect the execution issues we identified earlier in the year and have been working with urgency to correct," Cheryl Bachelder, interim Pier 1 CEO, said in a statement.

The two companies join a growing list of brick-and-mortar establishment that have seen a nose dive in revenue and popularity with the emergence of e-commerce companies such as Amazon.

"We are confident this is the right path for the long-term health of our business," Forever 21 said in the letter to customers. "Once we complete a reorganization, Forever 21 will be a stronger, more viable company that is better positioned to prosper for years to come."

Neither chain has yet specified the locations that will be closed, but for now everything seems to be on the table.

Here are the Forever 21 locations in the Sarasota area:

• University Town Center: 140 University Town Center Dr., Ste 215; 941-554-5481
• Tanger Jeffersonville: 8000 Factory Shops Blvd, SUITE #845; Tel: 740-948-5000

Here are the Pier 1 locations in the Sarasota area:

• Siesta Row: 3800 S Tamiami Trail, Sarasota: Tel: 941-373-3935
• University Park: 8485 Cooper Creek Blvd., University Park: 941-359-2428
• Bradenton: 4430 14th St. W; Tel: 941-727-2448
• Venice: 4210 Tamiami Trail, South Venice; Tel: 941-497-6300
• Port Charlotte: 18500 Veterans Blvd; Tel: 941-743-4660
• Lakeland: 3880 U S Hwy 98 N; Tel: 863-815-1880
• Winter Haven: 440 Citi Centre Street; Tel: 863-401-3611
• Sebring: 760 U S 27 N; Tel: 863-382-8800

Forever 21 saw its revenue decrease to $3.3 billion last year, which is down from the $4.4 billion in 2016, according to the New York Times. The company has also laid off more than 10,000 people since 2016.

Pier 1 has been dealing with its own recent troubles. It had to close 30 stores at the end of its fiscal year in March 2019, and the number of closures could now increase up to 15 percent of their outlets.