You may now no longer be 'Forever 21'.
The teen-clothing apparel retailer is preparing for a potential bankruptcy filing, as per several published reports.
Th American brand, which has near 800 stores across 57 countries, has been in talks for additional financing and is working with a team of advisers to help restructure its debt. However, negotiations with possible lenders have so far stalled, Bloomberg reported.
Forever 21 is looking to secure a potential debtor-in-possession loan to take the company into Chapter 11, even as some window remains to strike a last-minute deal, the report added.
While quite a few jaws dropped as the news surfaced, some made efforts to guess the reasons for its bankruptcy. Here's what Twitterati had to say.
Charlotte Russe, GONE. Agaci, GONE. Forever 21, GONE. WHERE AM I SUPPOSE TO GET MY LAST MINUTE OUTFITS NOW!?— kimmy (@WoahKimmy) August 30, 2019
if forever 21 files for bankruptcy and they close their stores I might have a HUGE breakdown. that’s practically where I buy my clothes at— paige elizabeth ☀️ (@paigeeworks) September 2, 2019
The main reason of Forever 21 shutting down:People who clicked their pictures in trial rooms, didn’t buy anything, and later posted those pictures on Instagram.— Naveen Kukreja (@NaveenRKukreja) September 2, 2019
(with inputs from Reuters)