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Forever 21 hires restructuring advisers

US fast fashion chain Forever 21 has appointed restructuring advisers in hope of avoiding bankruptcy, reports claim.

With the help of US law firm Latham & Watkins LLP, and global professional services company Alvarez & Marsal, the family-run business is looking to renegotiate leases with landlords and “overhaul” its operations.

Sources “familiar” to the business said founder Do Won Chang wants to “avert a bankruptcy filing and salvage his equity” in Forever 21.

It comes after rumours earlier this year that the Los-Angeles-based retailer was in talks about debtor-in-possession financing.

 

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