Things haven’t been too kind for retailers in 2019, and it looks like it may be getting even worse.
Complex reports that Forever 21, the popular fashion store, is reportedly “prepping for a possible bankruptcy filing” after “stalled” negotiations with lenders. Bloomberg reported on Wednesday that the company is “centering its goals on getting a debtor-in-possession loan as a part of a move into Chapter 11 proceedings.”
An industry analyst had spoken to Forbes Magazine and said that 2018’s sales fell nearly 25% compared to the year before. Bankruptcy would allow the company to close down the lower-performing locations.
We’ll update you as we get more news.
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