The Real Reason Forever 21 Filed For Bankruptcy

As part of Forever 21's vast expansion plan, the brand increased its presence in shopping malls — "even as foot traffic dwindled," CBS News noted. "It also opened many big-box format stores, averaging about 38,000 square feet, despite the high overhead costs."

Adding more locations to malls was certainly a risk and, unfortunately, one that did not pay off. "I expect store closures to accelerate in 2019, hitting some 12,000 by year end," Deborah Weinswig, founder and CEO of retail research company Coresight, predicted when speaking to CNBC.

This doesn't necessarily mean that malls will disappear, though. "I think this is a multiyear transition," DJ Busch, an analyst at commercial real estate services firm Green Street Advisors, told the publication. "Cleanse out some of these retailers that lasted longer than they should have. ... It's going to be tough. Anyone who thinks otherwise is too optimistic. But it doesn't mean this is a dead business. ... It can continue to be a good business as underproductive [retailers] go away, and the strong landlords invest." While that may be good news for malls, it's certainly not for Forever 21.