A bankruptcy filing would help the Los Angeles company shed unprofitable stores and recapitalize the business.
Forever 21 Inc. is preparing for a potential bankruptcy filing as the fashion retailer’s cash dwindles and turnaround options fade, according to people with knowledge of the plans.and working with a team of advisors to help it restructure its debt, but negotiations with possible lenders have so far stalled, the people said.
A bankruptcy filing would help the Los Angeles company shed unprofitable stores and recapitalize the business, said the people, who requested not to be named as discussing private negotiations. Representatives for Forever 21 did not respond to a request for comment. Co-founder Do Won Chang had been focused on maintaining a controlling stake in the company, which limited its fundraising options.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Forever 21 Is Reportedly Considering Filing for BankruptcyCould this be the end for a major fast fashion brand?
Read more »
Forever 21 prepares for potential bankruptcy filing: BloombergFashion retailer Forever 21 Inc is preparing for a potential bankruptcy filing, ...
Read more »
Forever 21 reportedly preparing potential bankruptcy filingApparel retailer Forever 21 is preparing to potentially file for bankruptcy, Bloomberg reported Wednesday afternoon, citing people familiar with its plans.
Read more »
Ulta's Huge 21 Days Of Beauty Sale Starts This WeekendFrom September 1st through the 21st, Ulta Beauty will be dropping insane deals on its best-selling beauty products. Click for everything you need to know.
Read more »
UK's Johnson says lawmakers likely to vote on his plans Oct 21-22British lawmakers are likely to vote on Prime Minister Boris Johnson's legi...
Read more »
21 Artists on the Unique Joy of Performing at AfropunkThe annual festival celebrated its mission statement that says 'no' to hateful -isms and 'yes' to love.
Read more »