(The Center Square)—Iconic retail chain Forever 21 announced it is closing its Los Angeles corporate headquarters, adding another corporate exit from Southern California.
Bloomberg reports the company is expected to close hundreds of stores and file for bankruptcy.
Forever 21, a pioneer in fast fashion with its namesake stores providing affordable fashion items and accessories, enjoyed explosive growth in the first decades of its existence before facing challenges due to reports on toxic metal in its jewelry and labor rights issues.
Despite revenue in the billions of dollars in annual revenue during the 2010s, the founding Chang family sold Forever 21 to Authentic Brands and other buyers for just $81 million in 2020.
Analysts point to fierce competition from Chinese fast fashion giants like Shein and Temu as a key factor.
“Shein and Temu … mostly rely on Chinese suppliers, and they’re able to offer low prices in part because of the method they use to get their products from those suppliers to shoppers. By shipping individual orders directly to customers, they avoid US import duties, which are waived if a shipment’s value is less than US$800,” wrote global investment firm Harding Loevner. “US lawmakers have called this an unfair advantage over American retailers, many of which do pay import duties to bring in inventory made overseas.”
With Forever 21 now facing bankruptcy, the rise of these online-only competitors highlights a seismic shift in the retail and commercial real estate landscape, which is already struggling with high vacancy rates.
At Last, a Company With Integrity in the Gold IRA Industry
For several years, I’ve been vetting out precious metals companies in search of the best. I believe in gold and silver but it’s hard to find integrity in the Gold IRA industry. The vast majority operate with shady tactics and gigantic spreads that take advantage of Americans who simply want to protect their life’s savings.
I’ve found a handful that I like and I’ve worked with some of them. By no means would I “unrecommend” them because, again, I vetted them out and found them to be above the fold. Unfortunately, it isn’t hard to be better than the rest when the rest are so darn awful.
After years of searching, I finally found a company that truly operates with integrity. Augusta Precious Metals has three important attributes that set them far above the competition:
- Non-Commissioned Sales Team: I cannot stress how important and unique this is. With just about every other company in the Gold IRA industry, the sales teams make commission from every account they open. This means they steer their clients toward the gold and silver products with the highest commission. With Augusta Precious Metals, the team is solely focused on putting the best gold and silver for their clients into their IRA. They get paid to serve the best interests of the Gold IRA client, NOT their own commission pay.
- Incredibly Low Fees: Most Americans would be shocked if they knew the spread other Gold IRA companies charge. Augusta charges just 5% versus up to 45% elsewhere.
- No Pressure, No Gimmicks: There’s an understanding among most in the Gold IRA industry that fear and pressure is the way to go. Augusta Precious Metals takes a sober approach when working with clients because they hold integrity in the highest possible regard. This is why they don’t offer gimmicks like “free” or “bonus” silver. It’s also why they do not apply pressure tactics to get quick sales. Their educational and transparent approach to doing business is exceedingly rare in the Gold IRA industry.
