One Family Built Forever 21, and Fueled Its Collapse
一个家族创建了Forever 21，却也导致了它的倒闭
1. When Forever 21 filed for bankruptcy in September, the fast fashion chain described its history in documents that read, at times, like a pitch for a memoir or a Netflix special. Photos of the company’s husband and wife founders, Do Won and Jin Sook Chang, and their two daughters appeared under headings like “Forever Striving: A Story of Grit, Determination, and Passion.” The filing emphasized the improbable success of the Changs, who immigrated to the United States from South Korea in 1981 and built a multibillion-dollar business from scratch. There were references to the daughters’ undergraduate degrees from “Ivy League universities” — both are top executives at the company — and summer breaks spent at Forever 21 stores.
Forever 21在9月提交破产申请时，这家快时尚连锁企业在文件中描述了自己的历史，读起来有时像是为一本回忆录或网飞（Netflix）的特别节目做宣传。公司创始人张东文和妻子张金淑夫妇，以及他们两个女儿的照片出现在类似《永远在奋斗：一个关于勇气、决心和激情的故事》（Forever Striving: A Story of Grit, Determination, and Passion）这样的标题下。申请文件强调了张氏家族所取得的不可思议的成功，他们于1981年从韩国移民到美国，白手起家建立了一家价值数十亿美元的企业。文件提到他们的两个女儿在“常春藤高校”获得本科学位——她们都是公司的高管——暑假都在Forever 21店铺度过。
2. “On the founder side, this hubris thing is pretty common, but 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, 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 pops.”
“对于创始人来说，这种傲慢很常见，但如果你已经成功了很长时间，这种傲慢就尤其致命，”密歇根大学罗斯商学院（University of Michigan Ross School of Business）的管理学专家埃里克·戈登（Erik Gordon）说。“他们没有董事会给他们进行实情核查，他们没有股票分析师给他们进行实情核查。”他补充道：“你可以在自己创造的泡沫中生活更长的时间，但之后泡沫会破灭。”
3. The bankruptcy filing provides a rare glimpse inside a retailer that has been intensely secretive and privately held for decades. Six former employees, including three executives, also spoke to The New York Times about their experiences at Forever 21 on the condition of anonymity, citing nondisclosure agreements.
这家零售商数十年来一直保持高度神秘并由私人持股，此次申请破产让外界得以一窥其内部情况。包括三名高管在内的六名前雇员也向《纽约时报》讲述了他们在Forever 21的经历，他们以保密协议为由要求匿名。
4. Forever 21’s missteps, combined with industrywide changes in consumer tastes and shopping habits, will havefar-reaching effects for thousands of people who work for the company, its vendors and malls. The chain says it will still operate hundreds of stores, along with its website. Through a spokeswoman, the Chang family declined to comment for this article.
Forever 21的失误，再加上整个行业范围内消费者品味和购物习惯的变化，将对该公司、其供应商和商场的数千名员工产生深远影响。该连锁店表示，它仍将经营数百家店铺及其网站。张氏家族通过发言人拒绝就本文置评。
5. Forever 21 — named because Do Won Chang considered 21 to be “the most enviable age” — was built on the idea of identifying apparel trends, then working with vendors to bring those products to stores quickly at cut-rate prices. From its early days, Do Won Chang, who is still the company’s chief executive, oversaw landlord and vendor relationships while Jin Sook Chang led design and merchandising.
Forever 21——得名于张东文认为21岁是“最令人羡慕的年龄”——的理念是确定服装趋势，然后与商家合作，以低廉的价格迅速将这些产品推向店铺。从成立之初，目前仍担任公司首席执行官的张东文便负责管理业主和商家关系，而张金淑则负责设计和销售。
6. Former employees say that the top floor of the company’s Los Angeles headquarters was viewed as Do Won Chang’s world, where corporate strategy unfolded and people kept quiet outside his office, while the bottom floor was Jin Sook Chang’s domain of buyers and planners, who showed their bags to security when leaving the building. Three former employees said that, as recently as this year, Do Won Chang was personally signing off on employee expenses and questioning executives about receipts for lunches or Uber rides.
前员工表示，公司洛杉矶总部的顶楼被视为是张东文的地盘，公司的战略在那里推出，人们会在他的办公室外保持安静；而最下面一层是张金淑的买家和策划人的地界，他们离开大楼时必须向安保人员出示自己的包。三名前员工称，就在今年，张东文还在亲自签署员工开支单据，并就午餐或优步的发票问题询问高管。
7. The couple’s daughters eventually joined the executive ranks. The oldest, Linda, is the executive vice president and has been viewed as Do Won Chang’s successor; her sister, Esther, is vice president of merchandising.The Changs never took Forever 21 public, unlike their biggest fast-fashion rivals, “declining numerous opportunities that would facilitate generational wealth,” the filing said.
这对夫妇的女儿最终进入了管理层。年长的琳达（Linda）是执行副总裁，并被视为张东文的继任者；妹妹艾斯特（Esther）是负责销售的副总裁。文件称，与他们最大的快时尚竞争对手不同，张氏家族从未将Forever 21上市，他们“放弃了许多有利于创造世代财富的机会”。
8. Their inner circle included another Korean-American couple: Alex Ok, Forever 21’s president and a former supplier, and his wife, SeongEun Kim, who works in merchandising. Internally, some referred to Jin Sook Chang and SeongEun Kim Ok as the “Missuses,” a powerful pair who directed the tens of thousands of styles that landed in Forever 21’s bustling stores. The filing showed that the Chang family owned 99% of equity in the chain, while Alex Ok held 1%.
他们的核心圈子里还包括另一对韩裔美国夫妇：Forever 21的总裁、前供应商亚历克斯·玉（Alex Ok，音）和他的妻子、从事销售规划的金盛恩（SeongEun Kim，音）。在内部，一些人把张金淑和金盛恩称为“太太团”（Missuses），这对实力强大的搭档导演了成千上万种风格的服装，然后在Forever 21熙熙攘攘的店铺上架。文件显示，张家拥有该连锁店99%的股权，而亚历克斯·玉则持有1%。
9. As the business expanded, the Changs struggled with their desire to hire experienced executives and their distrust of outsiders, five of the employees said. In recent years, they said, Forever 21 eagerly recruited experts tooverhaulparts of the business, then later ignored their recommendations on everything from new technology to marketing.
五名员工说，随着公司的扩张，张家想聘用有经验的高管，同时又不信任外人，这让他们很是烦恼。他们说，近年来，Forever 21急切地聘请专家对公司的部分业务进行全面检查，后来却无视专家在新技术和市场营销等各个方面提出的建议。
10. The Changs’ Christian faith played a role in the way they ran the company. Forever 21’s bright yellow shopping bags are stamped with “John 3:16,” a reference to a Bible verse. Do Won Chang has said the verse “shows us how much God loves us,” and hoped others would learn of that love. Former employees said Bibles were sometimes visible in conference rooms and on Do Won Chang’s desk. It was not unusual for department leaders to have ties to the family or their church but no experience working for another retailer, employees said.
张家的基督教信仰影响了他们经营公司的方式。Forever 21的亮黄色购物袋上印着“John 3:16”，指的是《圣经》里的一节。张东文曾说过这段经文“向我们展示了上帝多么爱我们”，并希望其他人也能学习这种爱。前员工说，有时在会议室和张东文的办公桌上可以看到《圣经》。员工们表示，部门主管往往与张家或他们的教会有联系，但没有为其他零售商工作的经验。
11. “Every once in a while, when we hired someone who had been there, we’d learn that they were never allowed to see the totality of the business performance and they were only given reporting on their specific sector,” said Margaret Coblentz, a former e-commerce director at Charlotte Russe. Rivals saw Forever 21 “as both monolithicandinscrutable,” she added.
“每当我们聘用曾在那里工作过的人时，我们就会发现，他们从来没有被允许全面了解公司的经营业绩，只能得到有关他们所在部门的报告，”前Charlotte Russe电子商务主管玛格丽特·科布伦茨（Margaret Coblentz）说，她还说，竞争对手都觉得Forever 21“是坚如磐石、深不可测的”。
12. But Forever 21 made its biggest mistakes in real estate. In the years before and after the recession, the company expanded aggressively and decided to open huge flagship stores, setting up in cavernous spaces once occupied by Mervyn’s, the bankrupt department store, as well as Borders, Sears and Saks. Its former head of real estate told Bloomberg Businessweek in 2011 that “having really big stores has always been Mr. Chang’s dream.”
但是Forever 21最大的错误是在地产领域犯下的。在经济衰退之前和之后的几年里，公司大举扩张，决定开设大型旗舰店，在破产的百货公司默文百货（Mervyn’s）、以及Borders、西尔斯（Sears）和萨克斯百货（Saks）等公司曾经占据的巨大空间里开店。该公司前地产主管在2011年接受《彭博商业周刊》（Bloomberg Businessweek）采访时表示，“拥有真正的大商场一直是张先生的梦想。”
13. The stores became hard to fill with new merchandise, then turn over, however, and saddled Forever 21 with long leases just as technology was beginning to wreak havoc on American malls. Seven of the leases at the old Mervyn’s stores were not set to expire until 2027 or 2028, which is longer than a typical lease, according to internal documents obtained by The New York Times.
然而，新商品难以填满商场货架，接着就开始周转不灵，当科技开始对美国的商场造成严重破坏时，Forever 21也陷入了长期租约的困境。《纽约时报》获得的内部文件显示，老默文百货有七份租约要到2027年或2028年才到期，这比一般的租约都要长。
14. Forever 21 said in the filing that most of its international locations were unprofitableas of 2015 and that its stores in Canada, Europe and Asia were losing an average of $10 million per month in the past year. Overall, the annual occupancy cost of Forever 21’s stores was $450 million.
在那些文件中，Forever 21表示，截至2015年，它的大部分国际门店都没有盈利，过去一年，它在加拿大、欧洲和亚洲的门店平均每月亏损1000万美元。总体而言，Forever 21门店的年入驻成本为4.5亿美元。
15. Forever 21 said in the filing that most of its international locations were unprofitableas of 2015 and that its stores in Canada, Europe and Asia were losing an average of $10 million per month in the past year. Overall, the annual occupancy cost of Forever 21’s stores was $450 million.
在那些文件中，Forever 21表示，截至2015年，它的大部分国际门店都没有盈利，过去一年，它在加拿大、欧洲和亚洲的门店平均每月亏损1000万美元。总体而言，Forever 21门店的年入驻成本为4.5亿美元。
17. “Forever 21 has basically been a one-trick pony,” Cohen said. “The founder and his wife did remarkably well until the business got too big for them to continue to do remarkably well by themselves.”
“Forever 21基本上就是一匹只会玩一种把戏的小马，”科恩说。“创始人和他的妻子经营得非常好，直到公司变得太大，他们靠自己没法继续经营好。”
18. “Forever 21 has basically been a one-trick pony,” Cohen said. “The founder and his wife did remarkably well until the business got too big for them to continue to do remarkably well by themselves.”
“Forever 21基本上就是一匹只会玩一种把戏的小马，”科恩说。“创始人和他的妻子经营得非常好，直到公司变得太大，他们靠自己没法继续经营好。”
精读解析
篇章结构
P1：forever 21申请破产。
P2—P3：Forever 21曾取得的成就节气破产的原因：张氏家族的封闭管理风格
P4—P6：五名员工透露Forever21的管理问题。
P7—P12：forever21的封闭管理：公司主要由张家及其亲信管理；对外人不够信任；基督教信仰影响之下的管理；员工们对公司的全面了解很是缺乏。
P13—P16：Forever 21在地产领域的失误：公司大型扩张，开设了太多大型旗舰店。
P17—P18：张氏或许会作出改变，但是其封闭的经营风格仍会继续。
重点单词
bankruptcy/'bæŋkrʌptsɪ/n. 破产；倒闭；彻底失败;(名誉等的)完全丧失
file for bankruptcy 申请破产
【例句】
He choose to file for bankruptcy.
他选择申请破产。
improbable/ɪm'prɒbəb(ə)l/ adj. 不可信的；未必会发生的；不大可能的，未必确实的
【例句】
It was more than improbable; it was incredible.
这种事根本不可能，简直不能令人相信。
from scratch从头做起, 从零开始
【例句】
The ones in this book are developed, every one of them, totally from scratch.
书中每一个人物完全都是我自己从无到有，构思出来的。
insular/'ɪnsjʊlə/ adj. 孤立的；岛民的；海岛的；与世隔绝的
【例句】
So we become insular – which means inward looking.
所以我们把自己孤立起来——只关注自己。
disastrous /dɪ'zɑːstrəs/ adj. 灾难性的, 造成灾害的；极坏的, 很糟的
【例句】
A few disastrous investments ruined the company.
一些损失惨重的投资毁了公司。
bungle /'bʌŋg(ə)l/ vt. &vi. 搞糟,完不成；笨手笨脚地做n. 拙劣的工作
【例句】
The soviets bungled foreign policy was also costly and dangerous.
而苏联糟糕的外交政策不仅危险，还很花钱。
merchandise /'mɜːtʃ(ə)ndaɪs/ n. 商品, 货物vt. 买卖, 经营
【例句】
The store had a large stock of merchandise.
该店有大批的商品存货供应。
hubris /'hjuːbrɪs/ n. 骄傲自大,自恃
【例句】
Above all, it is testimony to the hubris of politicians.
最重要的是，它证明了政客们的傲慢自大。
reality check现实检查；现状核实
【例句】
Speaking in the Moroccan capital, Rabat, the US Secretary of State John Kerry said it was time for what he called a reality check on progress in the negotiations.
美国国务卿约翰·克里在摩洛哥首都拉巴特讲话说，是时候就协商进程进行现状检查了。
equity analyst股票分析师
【例句】
David Whiston is an auto equity analyst with Morningstar.
大卫·惠斯顿是晨星公司汽车股票分析师。
insular /'ɪnsjʊlə/ adj. 孤立的；岛民的；海岛的；与世隔绝的
【例句】
So we become insular – which means inward looking.
所以我们把自己孤立起来——只关注自己。
disastrous/dɪ'zɑːstrəs/ adj. 灾难性的, 造成灾害的；极坏的, 很糟的
【例句】
A few disastrous investments ruined the company.
一些损失惨重的投资毁了公司。
on the condition of在……情况下；在……条件下
【例句】
Each type of operation is customized to the individual situation and depends a great deal on the condition of the spine around the disc affected.
每种手术都要因人而异，很大程度上还要考虑病变椎间盘的椎体状况。
anonymity/ænə'nɪmɪtɪ/ n. 匿名;作者不详；匿名者,无名者
【例句】
The deal was anonymity in exchange for information.
条件就是让他保持匿名 以此换取情报。
nondisclosure非公开
【例句】
The Trump campaign has filed to force Manigault Newman into arbitration accusing her of breaching a 2016 nondisclosure agreement or NDA.
特朗普竞选团队已申请将马尼戈特·纽曼提交仲裁，指控她违反了2016年的保密协议。
misstep/mɪs'step/ n. 失足；过失；踏错；失策vi. 失足；走上歧途
【例句】
Quitting school is a misstep that you may regret for the rest of your life.
离校会是你余生都遗憾的过失。
industrywide整个工业的；全行业的
【例句】
Demand for minivans led a 10 percent rise in industrywide vehicle sales last month.
微型车需求量的增长引领了整个汽车业界销量10个百分点的增长。
far-reaching /'fɑ:'ri:tʃiŋ/ adj. 深远的;广泛的
【例句】
Google's influence in the mobile device industry is far-reaching.
谷歌对移动设备行业的影响极为深远。
vendor/'vendə/ n. 小贩；卖主；自动售货机
【例句】
A few militant members of the crowd attacked the vendor.
人群中几个好斗的人攻击了那个小贩。
apparel/ə'pær(ə)l/ n. 衣服；服装vt. 给…穿衣
【例句】
And he can learn something from the online apparel players in China.
他可以向中国的网路服装供应商学习。
cut-rate/'kʌt,reit/ adj. 打折扣的,粗劣的,二流货的
【例句】
Cars are cheap to buy, thanks to cut-rate loans, and ever cheaper to run.
低息贷款使得购车门槛降低，同时汽车的使用成本也比过去低廉。
oversee /əʊvə'siː/ vt. 监督；俯瞰；审查；偷看到，无意中看到
【例句】
I oversaw the remodel of our bathroom.
我家浴室改造就是我监工的。
sign off v. 停止活动；停止广播
【例句】
Only tenuously linked to any civilian institution, they are above the law and sign off on virtually all big decisions.
只要与任何文人机关扯上一点关连，他们的地位就高于法律并实际上签署所有重大决定。
take… public上市；将…公之于众
【例句】
Evidently, he doesn't like to take public credit.
很显然，他不愿接受大众关注。
overhaul/əʊvə'hɔːl/ vt. 彻底检查;大修；赶上,追上;超越n. 检查;大修
【短语】
complete overhaul
大修；全面检修
in situ overhaul
现场检修
maintenance overhaul维修,保养,保全
【例句】
This is major reform, a complete overhaul.
这是一项重大改革，全面改革。
monolithic/mɒnə'lɪθɪk/ adj. 独块巨石的；整体的；庞大的
【例句】
We can't treat humans as if we're just one monolithic thing.
我们不能把人看成是单一的东西。
inscrutable/ɪn'skruːtəb(ə)l/ adj. 不可理解的;谜一样的
【例句】
Mrs. Stroeve watched the game with inscrutable face.
施特略夫太太看着我们下棋，从她脸上的表情丝毫也猜不透她心里想的是什么。
cavernous/'kævənəs/ adj. 大而深的
【例句】
His spectacles flashed a last gleam before he disappeared into the cavernous hallway.
老人的身影消失进门厅的一刹那，他眼镜的镜片闪过最后一丝微光。
havoc /'hævək/ n. 大破坏；浩劫；蹂躏v. 严重破坏
【短语】
play havoc with
毁坏；使陷入大混乱
wreak havoc
肆虐；造成严重破坏
【例句】
This year, Mother Nature rained down on the course, creating havoc for runners.
今年，大自然母亲在球场上下雨了，给跑步者造成了巨大的障碍。
saddle/'sæd(ə)l/ n. 鞍，鞍状物；车座；拖具v. 使负担；装以马鞍；承受
【短语】
get into the saddle
就职
saddle up
备马；给马装上鞍
【例句】
He saddled his horse and rode away.
他给马装上鞍子，便骑上走了。
unprofitable /ʌn'prɒfɪtəb(ə)l/ adj. 无利益的,不赚钱的,没有用的
【例句】
Price controls have made growing sugar cane unprofitable and the country suffers from a shortage of foreign exchange.
物价问题使得委内瑞拉的甘蔗种植毫无利润可言，同时该国的外汇也严重不足。
one-trick pony只会一招的小马驹；一招鲜
【例句】
All this suggests that Google’s one-trick pony is really more of a thoroughbred.
这一切表明，谷歌“一招鲜吃遍天”的本事，真的相当优良。
From its early days, Do Won Chang, who is still the company’s chief executive, oversaw landlord and vendor relationships while Jin Sook Chang led design and merchandising.
这个句子的主干是From its early days, Do Won Chang oversaw landlord and vendor relationships while Jin Sook Chang led design and merchandising.中间的who is still the company’s chief executive修饰的是Do Won Chang,说明Do Won Chang的信息。
