The company is working on obtaining a financial package that would provide about $75 million for its restructuring in the court process. Most recently, Forever 21 could also be in discussions to give a stake of the company to its two largest landlords as part of its restructuring including Simon Property Group Inc. and Brookfield Property Partners LP.
Forever 21 is just one of many large format retailers who have struggled in recent years with declining foot traffic and sales including Payless Inc. and Gymboree Corp.
Forever 21, headquartered in Los Angeles, California, was founded in 1984. It operates more than 815 stores in 57 countries with retailers in the United States, Australia, Brazil, Canada, China, France, Germany, Hong Kong, India, Israel, Japan, Korea, Latin America, Mexico, Philippines and United Kingdom.
