Clothing retailer Forever 21 is reportedly in the middle of ‘preparation’ for a potential bankruptcy filing.
Way before this happened, the retailer has owned more than 800 stores over 57 countries, making around $3 billion annual sales in total. Some sources said that the company previously has been in talks for additional financing, and even working with advisers to help with the debts, but unfortunately fail in the negotiations process with its possible lenders. The closing down of Forever 21 is also to be said – a substantial ripple effect upon the state of floundering shopping malls around the globe.
The ‘retail apocalypse’ which has been happened in the current time is probably the biggest thread to many retailers nowadays. The terms of how internet changed consumers’ shopping habits – could also probably hold a huge factor of how chain stores like Sears, Toys R Us, Payless are collapsing within short period of times.
Furthermore, none of Forever 21 representatives has been confirmed nor denied the news or even for the potential next steps.