AMERICAN MALL BEHEMOTH FOREVER 21 achieved massive success in the 2000s by selling inexpensive variations on the latest styles, and now its decline is a window into a different kind of trend. The chain, founded in 1984 by a couple who had immigrated to the U.S. from South Korea, declared Chapter 11 bankruptcy on Sept. 29. Forever 21 has said that it will terminate operations in 40 countries and close up to 350 stores worldwide, and that up to 178 of its 549 U.S. outlets will be liquidated.
OUT OF STYLE Industry analysts see the store closings as a sign of shifting tastes on both sides of Forever 21’s business model. Some consumers have become less inclined toward the cheap, disposable clothing for which the retailer is known, turning…