Forever 21 is preparing to close 100 stores as part of a restructuring when it files for bankruptcy protection as early as this month, sources say.
Forever 21 Inc. is preparing to close at least 100 stores as part of a restructuring that calls for the trendy fast-fashion retailer to file for bankruptcy protection as early as this month, according to people with knowledge of the preparations.
The Los Angeles-based apparel merchant is working on obtaining a financial package that would provide about $75 million for its restructuring in the court process, said the people, who asked not to be named discussing private negotiations. The plan envisions a Chapter 11 filing, which would allow the company to keep operating while it works out a way to pay its creditors and turn the business around. Even as these plans firm up, advisors could still strike an agreement that buys the retailer more time before resorting to bankruptcy, the people said.
Founded in 1984, Forever 21 operates more than 800 stores in the United States, Europe, Asia and Latin America.Representatives for Forever 21 didn’t comment on the preparations, but referred to a statement the company released Wednesday in response to a Wall Street Journal report that the retailer was planning to file for bankruptcy protection as early as Sunday.
“Forever 21 is not planning to file for bankruptcy on Sunday,” the statement read. “Our stores are open and it is our intention to continue to operate the vast majority of U.S. stores, as well as a smaller amount of international stores, providing customers with great service and the curated assortment of merchandise that they love and expect from Forever 21.”
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