Forever 21 vows to keep ‘vast majority’ of US stores
Forever 21 has vowed to continue operating “the vast majority” of its US stores despite suggestions it is about to file for bankruptcy.
The fashion chain, which operates 700 stores in its homeland, is reported to be running out of cash as it battles to secure fresh funding from its lenders.
As previously reported, talks over a potential financing deal have stalled. Forever 21 is instead seeking a debtor-in-possession loan to take the company into Chapter 11 bankruptcy, according to Bloomberg.
The retailer is also in talks with landlords in a bid to renegotiate leases on more favourable rent terms, amid reports that it could file for bankruptcy as early as Sunday.
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