Forever 21 ‘exploring restructuring options’
American fast fashion retail chain Forever 21 is reportedly exploring its financial options.
Sources have told the media that the company is in talks with Apollo Global Management, an American private equity firm, regarding lining up potential debtor-in-possession financing in case the company needed to seek bankruptcy.
The source told Bloomberg: “Forever 21 is speaking with our lenders in the normal course of business and are in compliance with all of our agreements and continue to operate as usual.”
Forever 21 was founded in 1984 and has over 800 stores in America and worldwide. Over the past few years, the chain has closed a wave of its UK outlets including its Westfield Stratford store and in April, it was reported that it would be downsizing its UK portfolio.
