Forever 21 Hopes to Avoid Bankruptcy

Forever 21 (Los Angeles) has hired an outside restructuring firm in an effort to avoid bankruptcy, reports L.A. Biz. The retailer opened its first location in Los Angeles in 1984 and currently operates about 700 stores worldwide.

In a press statement, the company disclosed: "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."

The retailer has been closing stores recently, announcing it would close its two-level flagship on Chicago’s Michigan Ave. in September. In February, Forever 21 Inc. sold its headquarters building to Blackstone Group for $166 million.