According to Bloomberg News, everyone’s favorite “get-fresh-get-fly” has not been raking in the dough that their corporate offices anticipated over a decade ago. Forever 21 Inc is reportedly preparing to file for bankruptcy as customers turn to the online marketplace over traditional brick and mortar stores.
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There might be a saving grace. The suits responsible for managing the beaucoup bucks that are needed to operate the popular chain are seeking additional financing.
They have enlisted a team to help advise them on how to “restructure” their debt and to identify possible lenders to support their 2020 and beyond vision. They are looking to get a potential debtor-in-possession loan to take the company into Chapter 11.
Should they file, Forever 21 will be able to drop stores that don’t make money. There are a lot too in various malls across the country. After all, the Christian based company is one of the biggest mall tenants around. Unfortunately, though they have been fighting the good fight, looks like they might be joining other popular brands like Payless and Victoria Secrets.
Forever 21 has more than 800 stores on four different continents: U.S., Europe, Asia and Latin America.
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