Fast-fashion clothing chain Forever 21 Inc. tapped longtime legal counsel Latham & Watkins for restructuring advice, Bloomberg News reported. The move adds to signs that Forever 21 is looking for ways to avoid becoming the next victim of the industry shakeup that has forced dozens of long-established chains into bankruptcy or out of business. The retailer operates hundreds of stores, and closing some is one option management might need to consider as part of a turnaround plan. International operations also have been a drag on the the Los Angeles-based company, but those would have to be restructured separately. The company carries about $500 million of debt in the form of a first-lien asset-based revolver that matures in 2022, according to data compiled by Bloomberg.
