Forever 21 hires Latham for advice on restructuring [Business News Network (BNN) Energy & Resources (Canada)]
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Source: Business News Network
Forever 21 hires Latham for advice on restructuring Fast-fashion clothing chain Forever 21 Inc. tapped longtime legal counsel Latham & Watkins for restructuring advice, according to people with knowledge of the matter. 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, said the people, who weren’t authorized to speak publicly. International operations also have been a drag on the the Los Angeles-based company, but those would have to be restructured separately, the people said. Representatives for Forever 21 declined to comment. Latham & Watkins didn’t respond to messages. A pullback by Forever 21 could add to pressure on retail landlords, who are already reeling from thousands of recent vacancies cau
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