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.
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