Has anybody read about Forever21's plan to file for bankruptcy?


I saw this article on Forbes, but I'm not sure if it's okay to link it here, but you can just Google it. I'm unlinking the whole thing just to be sure.

Here's an excerpt:

The Topline: Shopping mall staple Forever 21 is reportedly preparing for a potential bankruptcy filing, according to Bloomberg.
  • A bankruptcy filing could help Los Angeles-based Forever 21 cut under-performing locations and recapitalize the business.
  • The privately-owned business does not release financials but one industry analyst told Forbes they estimated that sales dropped by 20% or 25% last year.
  • Last week, the company brought in a team of advisers to help restructure debt and re-evaluate its 815-store portfolio of stores in the U.S, Canada, Europe, Japan, Korea and the Philippines.
  • The company held talks earlier this month to raise additional financing, but negotiations with possible lenders have reportedly stalled. As options fade, a bankruptcy filing looks more and more likely.
  • Husband-and-wife founders Jin Sook and Do Won Chang started the company in 1984 after immigrating to the United States from South Korea. In July, Forbes reported the Changs had lost their billionaire status as result of the turmoil at the fast fashion chain. Forbes now estimates the couple is worth $1.6 billion, down from a previous estimate of $3 billion.


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