When Forever 21 filed for bankruptcy in September, the fast fashion chain described its history in documents that【C1】________, at times, like a pitch for a memoir or a Netflix special.
The filing emphasized the【C2】_____success of the Changs, who immigrated to the United States from South Korea in 1981 and built a multibillion-dollar business【C3】_____.
【C4】_____its peak, the retailer【C5】__more than $4 billion in annual sales and employed more than 43,000 people worldwide in hundreds of stores. Now it is leaving 40 countries and【C6】__to 199, or more than 30% of its stores in the United States, and former employees and industry experts are pointing to the Changs’【C7】_____ management style as a significant reason for the collapse. They cite disastrous real estate deals and the chain’ s【C8】________merchandising strategy in recent years.
“On the founder【C9】_____, this【C10】__thing is pretty common,【C11】_____it’s particularly deadly if you’ve been successful for a long time,” said Erik Gordon, a management expert at the University of Michigan Ross School of Business. “They didn’t have a board of directors to give them a reality check, and they didn’t have equity analysts to give them a reality check.”
He added: “You can live in your self-created bubble for a lot longer, but then the bubble【C12】________.”
The bankruptcy filing provides a【C13】_____glimpse inside a retailer that has been intensely secretive and privately【C14】__for decades. Six former employees, including three executives, also spoke to The New York Times about their experiences at Forever 21【C15】__anonymity,【C16】_____nondisclosure agreements.
Forever 21’s missteps, combined with industrywide changes in consumer tastes and shopping habits, will have far-reaching effects on thousands of people who work for the company, its vendors and malls.
From its early days, Do Won Chang, who is still the company’s chief executive,【C17】_____landlord and vendor relationships【C18】_____Jin Sook Chang led design and merchandising.
Former employees say that the top floor of the company’s Los Angeles headquarters was viewed as Do Won Chang’s world,【C19】_____corporate strategy【C20】_____and people kept quiet outside his office, while the bottom floor was Jin Sook Chang’s domain of buyers and planners.
【C15】
on no condition
on condition that
out of condition
on the condition of
D