Forever 21 reportedly closing 100 stores on restructure
Fashion retailer Forever 21 Inc is preparing to close at least 100 stores as part of a restructuring plan, Bloomberg reported earlier this week, citing people with knowledge of the plans.
Bloomberg first reported last month that Forever 21 was preparing for a potential bankruptcy filing, though the company is still yet to comment.
The company is working on obtaining a financial package that would provide about $75 million for its restructuring in the court process, Bloomberg reported.
Most recently, Bloomberg said that Forever 21 could also be in discussions to give a stake of the company to its two largest landlords as part of its restructuring including Simon Property Group Inc. and Brookfield Property Partners LP.
Forever 21 is just one of many large format retailers who have struggled in recent years with declining foot traffic and sales including Payless Inc. and Gymboree Corp.
Forever 21, headquartered in Los Angeles, California, was founded in 1984. It operates more than 815 stores in 57 countries with retailers in the United States, Australia, Brazil, Canada, China, France, Germany, Hong Kong, India, Israel, Japan, Korea, Latin America, Mexico, Philippines and United Kingdom.
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