Forever 21 is reportedly preparing for a potential bankruptcy filing, according to Bloomberg. The fast fashion retailer has been in talks for specific financing in addition to working with a team of advisers to help it restructure its debt.
Bloomberg reports that “negotiations with possible lenders have so far stalled.” Notably, focus for the company has moved toward solidifying a potential debtor-in-possession loan to take the company into Chapter 11. At the moment, representatives for Forever 21 haven’t released an official statement to respond to the alleged report. This news comes as the retailer’s cash dwindles and options to turnaround the company also have faded into the abyss.
Originally founded in 1984, Forever 21 operates over 800 stores in the United States, Europe, Asia and Latin America. Similarly, luxury company Barneys New York has recently filed for bankruptcy in addition to announcing it will be closing 15 of its stores.
Stay tuned here as more news emerge on Forever 21’s preparation to potentially file for bankruptcy.
Bloomberg reports that “negotiations with possible lenders have so far stalled.” Notably, focus for the company has moved toward solidifying a potential debtor-in-possession loan to take the company into Chapter 11. At the moment, representatives for Forever 21 haven’t released an official statement to respond to the alleged report. This news comes as the retailer’s cash dwindles and options to turnaround the company also have faded into the abyss.
Stay tuned here as more news emerge on Forever 21’s preparation to potentially file for bankruptcy.
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