By Jamie Cheng
If getting sales is the lifeblood of every business, Forever 21 needs more than just one blood bag donated to them. Sadly, even if they had a donor, it would be too late for them.
To most consumers, we wouldn’t think that this booming, teenage-dream retail store would be started by a married South Korean couple who moved to Los Angeles in pursuit of The American Dream.
Even without having the command of English at the back of their heads, Mr. Chang Do Won and Mrs. Chang Jin Sook still found great success as entrepreneurs.
Unfortunately, things headed south when they couldn’t adapt to the sudden change in consumer buying behaviour. It was a long drop for the Changs – an estimated combined net worth of $6.1 billion to declaring Chapter 11 bankruptcy in a blink of an eye. (more…)