Forever 21 Inc. is preparing to close at least 100 stores as part of a restructuring that calls for the trendy retailer to file for bankruptcy as early as this month, Bloomberg News reported. The apparel merchant is working on obtaining a financial package that would provide about $75 million for its restructuring in the court process. The plan envisions a chapter 11 filing, but even as these plans firm up, advisers could still strike an agreement that buys the retailer more time before resorting to bankruptcy. Landlords may consider unusual means to preserve Forever 21’s survival, people with knowledge of the developments said last month. Mall owners and company representatives have discussed easing Forever 21’s rent in exchange for an interest in the retailer.
