Forever 21 is considering filing for bankruptcy as efforts to restructure its debt run dry, a person familiar with the situation told CNBC.
Apparel retailer
It could not be immediately determined whether the company has begun to raise a so-called debtor-in-possession loan that would fund a potential bankruptcy, and it is still possible the company is able to avoid a filing. Bloomberg first reported news of a potential bankruptcy filing. Forever 21′s real estate footprint is particularly large, with more than 815 stores globally. Bankruptcies are a tool retailers can use to get out of undesirable leases. Retailers like Barneys and Mattress Firm have filed for protection to downsize their footprints.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Teen clothing retailer Forever 21 reportedly preparing to file for bankruptcyForever 21 is preparing for a potential bankruptcy filing, according to several published reports. The teen clothing retailer has more than 800 stores in 57 countries.
Read more »
Forever 21 may file for bankruptcy: ReportThe fashion chain, established in 1984, has been in negotiations with financial advisers and lenders.
Read more »
Forever 21 Is Reportedly Considering Filing For BankruptcyForever 21 is considering filing for bankruptcy, people familiar with the company's finances have told Bloomberg and CNBC.
Read more »
Forever 21 is preparing for a potential bankruptcy filing, sources sayForever 21 is preparing for a potential Chapter 11 bankruptcy filing as the fashion retailer’s cash dwindles and turnaround options fade, sources said.
Read more »
Forever 21 prepares for potential bankruptcy filing: BloombergForever 21 is looking to secure a potential debtor-in-possession loan to take the company into Chapter 11, even as some window remains to strike a last-minute deal, the report added. The company did not immediately respond to a Reuters request for comment.
Read more »
Apparel retailer Forever 21 weighs bankruptcy filingThe retailer has been exploring restructuring options to shore up its liquidity as it struggles with its business, CNBC previously reported. Those efforts, though, have stalled, making a bankruptcy more likely.
Read more »