Keeping up with today’s economy is getting harder day by day and now, every millennial’s favourite clothing brand, ‘Forever 21’, is reportedly filing for bankruptcy.
According to reports, the clothing company is considering to file for bankruptcy due to a decline in cash flow and failed turnaround plans. Rumour has it that the brand is in talks about receiving funding and financial advisors are trying to work out a plan for them.
However, reports have also added that meetings with these advisors have been put on hold for now. Forever 21 is also looking out to apply for a debtor-in-possession loan. It basiclly means that the company will be forced to file for bankruptcy but will still manage to run their business while figuring out their financial woes.
Of course, Twitter had to react to this news.
Forever 21 not so forever?