Report: Forever 21 prepares for possible bankruptcy

Published: Aug. 29, 2019 at 8:34 AM CDT
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Clothing retailer Forever 21 may be getting ready to file for bankruptcy.

Bloomberg News is reporting that the company is preparing for a Chapter 11 filing.

Forever 21 has been working with consultants in an effort to restructure its debt. The company has also been trying to get additional financing, but so far, nothing has come through.

Bloomberg reports bankruptcy could help Forever 21's bottom line because it would be able to recapitalize and get rid of stories that aren't making money, but the move could cause problems for mall owners since the company has a significant presence in malls.

Forever 21 was founded in 1984 and currently operates more than 800 stores around the world.

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