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Forever 21 in Dublin. Sam Boal/Photocall Ireland

Forever 21 to close Dublin store and pull out of Ireland

The American chain’s Jervis Street store was opened back in 2010.

AMERICAN CLOTHING CHAIN Forever 21 is to close its Dublin store and pull out of Ireland.

The opening of its Jervis Street shopping centre store was announced back in 2010 with much fanfare, as the US company pledged 250 jobs.

Recent accounts filed by Forever 21 Fashion Ireland Limited say that “as part of an overall strategic review” of the group’s operations in Ireland, a decision has been taken by the board to cease commercial operations and close its only store here.

The accounts for the year ending 29 February 2016 show the company recorded an annual loss of €15.6 million and had accumulated losses of €44 million since the Irish operation was established.

“The company has incurred costs associated with the decision to cease operations in this period, which has substantially driven the loss for the year,” the directors’ report said.

The ‘principal risks and uncertainties’ to the company are listed as including:

  • Competitive change in the marketplace
  • Unusually high changes in costs involved in operating the business

The report adds:

Following the decision to cease operations, there has been a reduction in the significance of these risks to the Irish business.

Over €13 million has been set aside for closure costs.

The accounts show that 82 people were employed at the store during 2016.

Forever 21′s company website lists it as the fifth largest speciality retailer in the US.

According to Forbes, it operates over 600 stores under the Forever 21, XXI Forever, For Love 21, Heritage 1981, and Reference banners.

It also has stores in Canada, Europe, Japan, Korea, and the Philippines and is headquartered in Los Angeles.

Read: ‘This is life-changing, but we won’t go crazy’: Family syndicate collects €38.9m jackpot >

Read: Conservative MP Karen Bradley named as new Northern Ireland secretary >

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    Mute John Murphy
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    Jan 9th 2018, 7:39 AM

    Thought my missus would have kept them afloat

    587
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    Mute Jim Carolan
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    Jan 9th 2018, 8:09 AM

    Penny’s was too much competition!

    309
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    Mute ed w
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    Jan 9th 2018, 7:54 AM

    I’ve noticed a lot of small retailers closing recently now bigger ones. Keep the recovery going!

    169
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    Mute P.J. Nolan
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    Jan 9th 2018, 8:02 AM

    @ed w:
    Your getting desperate now

    113
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    Mute Diogenes
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    Jan 9th 2018, 8:21 AM

    @ed w: Yeh thought we’ll had more disposable income and the economy was improving.

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    Mute Lisa Saputo
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    Jan 9th 2018, 9:47 AM

    @ed w: I do a good bit of my clothes shopping online whereas five years ago I rarely bought anything from a website. It is online shopping that is killing retailing, not the recession that ended a few years ago.

    67
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    Mute Diogenes
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    Jan 9th 2018, 10:17 AM

    @Lisa Saputo: keep believing the propaganda, wages are static.

    39
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    Mute P.J. Nolan
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    Jan 9th 2018, 10:37 AM

    @Diogenes:
    Which propaganda?

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    Mute David Edwards
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    Jan 9th 2018, 11:48 AM

    @P.J. Nolan: *you’re

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    Mute Christy Nolan
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    Jan 9th 2018, 5:15 PM

    @P.J. Nolan:
    The spin/propaganda from FG’s 5million euro Troll Factory.

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    Mute Honeybadger197
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    Jan 9th 2018, 7:42 AM

    For 8 years 21.

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    Mute the phantom
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    Jan 9th 2018, 7:41 AM

    Forever 21 was so 2010

    103
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    Mute Ace
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    Jan 9th 2018, 8:08 AM

    How the hell did one clothes store lose over €15 million in a year.

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    Mute Stephen Brady
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    Jan 9th 2018, 8:48 AM

    @Ace: they put €13m aside for closing down costs that is included in the figure

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    Mute Ace
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    Jan 9th 2018, 9:23 AM

    @Stephen Brady: I dont believe so. The article says the losses were for 2016. It reads like they need another 13m for closing down costs.

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    Mute Ted Murray
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    Jan 9th 2018, 9:56 AM

    @Ace: __ They must have forgotten to lock the doors at night, an easy mistake.

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    Mute Frank Dowling
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    Jan 9th 2018, 10:57 AM

    @Ace: they probably paid €10M in rent along

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    Mute Ace
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    Jan 9th 2018, 8:10 AM

    “Forever 21′s company website lists it as the fifth largest speciality retailer in the US.”

    This line reminds me of Flight of the Conchords. “New Zealand’s fourth most popular folk-comedy duo”.

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    Mute Joey Navinski
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    Jan 9th 2018, 8:32 AM

    @Ace: and they got it from The House Martins who used to call themselves the fourth best band in Hull.

    39
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    Mute Patrick McGarry
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    Jan 9th 2018, 9:35 AM

    @Joey Navinski: The band wi’ nowt taken out

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    Mute Ciara Kennedy
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    Jan 9th 2018, 9:46 AM

    There’s a massive penneys across the road. And maybe cos their target market is quite young, they don’t have a huge amount of disposable income.

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    Mute Fiona Fitzgerald
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    Jan 9th 2018, 1:51 PM

    @Ciara Kennedy: Good point. Half the young people I see are wearing either Penneys or Superdry.

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    Mute Pat O'Leary
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    Jan 10th 2018, 12:15 AM

    @Fiona Fitzgerald: happened to ramble through Penney’s in Wilton today. Bright colours, soft fabrics, attractive designs – and ridiculously affordable prices especially for teenagers. Dunno how much the workers in Bangladesh get of the €2 for a T shirt, but Penney’s must be cutting the legs off the competition.

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    Mute Franklin Roosevelt
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    Jan 9th 2018, 7:54 AM

    Keep the recovery going!

    64
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    Mute Fergus Sheahan
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    Jan 9th 2018, 1:22 PM

    @Franklin Roosevelt: do you have a job?

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    Mute Minom Pnnomm
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    Jan 9th 2018, 9:33 AM

    Is that Tommy Hillfigher store on Grafton Street still there? Never see anyone in it?

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    Mute Martin Byrne
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    Jan 9th 2018, 6:46 PM

    @Minom Pnnomm: I went in once. Very proud of myself for not shouting HOLY TITTY-W4NKING JESUS when I saw the price on a jumper.

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    Mute Andrew Tuite
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    Jan 9th 2018, 8:53 PM

    @Martin Byrne: yeah especially when you see what the same jumper costs in some of the retail outlets in Europe or the states. Tommy me hole

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    Mute purple rain
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    Jan 9th 2018, 9:55 AM

    it was just a place for people.to sit outside and rest before they went into pennies 5 euro.

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    Mute Linda Oreilly
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    Jan 9th 2018, 9:31 AM

    Forever 21 works in other countries, particularly in London. It was never ever going to work in that location in Dublin.

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    Mute Gareth
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    Jan 9th 2018, 9:59 AM

    @Linda Oreilly: someone’s stuck up

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    Mute Shane Zerbe
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    Jan 9th 2018, 9:51 AM

    the location also struck me as odd! they came here during the height of the recession, you would have thought they could have gotten something on grafton street perhaps…

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    Mute P.J. Nolan
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    Jan 9th 2018, 10:41 AM

    @Shane Zerbe:
    Maybe in 2010 too many landlords on grafton St still believed in upwards only rents.

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    Mute Julie Burn
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    Jan 9th 2018, 8:14 AM

    @Gerard McConnell: a man will actually search for a golf ball

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    Mute Itsme
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    Jan 9th 2018, 8:03 AM

    @Julie Burn:

    you cant hit a gspot with a 9 iron and expect her to be happy about it ?

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    Mute Martin Sinnott
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    Jan 9th 2018, 1:27 PM

    rent of about €2.75m a year for its premises add the city rates and other running costs no wonder it’s closing.

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    Mute An Observer
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    Jan 9th 2018, 7:47 AM

    For how long?

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    Mute Ace
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    Jan 9th 2018, 8:17 AM

    @Julie Burn: Thats cause the gold ball exists Julie.

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    Mute Martin Byrne
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    Jan 9th 2018, 6:44 PM

    @Ace: stinger!

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    Mute Rachel Didleu
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    Jan 9th 2018, 9:34 AM

    Our Tir na nØg is closing as well……hard times

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    Mute Ace
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    Jan 9th 2018, 8:17 AM

    @Ace: *golf

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    Mute mcgoo
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    Jan 9th 2018, 8:37 AM

    @Ace: gold is much better tbh.

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    Mute Gerard McConnell
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    Jan 9th 2018, 8:03 AM

    @Julie Burn: Go on?

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    Mute Julie Burn
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    Jan 9th 2018, 8:37 AM

    @Ace: ha ha

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    Mute Stevie Doran
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    Jan 10th 2018, 12:25 AM

    Never heard of it, do they sell donuts?

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    Mute Julie Burn
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    Jan 9th 2018, 8:39 AM

    @Itsme: lol

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    Mute DeFonz
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    Jan 9th 2018, 5:42 PM

    Retail is on the decline ..

    1
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