With online shopping offering so much ease and convenience, more and more physical retail stores in Louisiana and elsewhere find themselves struggling. In fact, numerous stores have closed in recent years due to being unable to recover. Recent reports indicate that yet another retail chain is possibly looking to file Chapter 11 bankruptcy is efforts to address its current struggles.
According to reports, women’s clothing retailer Forever 21 is considering filing for Chapter 11 bankruptcy protection. The company has 815 stores across the country, and it is possible that at least a portion of those stores will close in the event of a bankruptcy filing. It is common for store closings to take place when companies file for this protection as they work to make their business smaller and more manageable.
Representatives for Forever 21 did not provide a comment for the report on the potential bankruptcy. However, the report did state that negotiations with lenders had stalled, which has led to the bankruptcy talks. Additional information regarding this potential financial move for the company may become available at a later time.
It can be difficult for any company to face financial issues. Though it seems to be the going trend these days, business owners can still feel a great sense of hardship during this time. If Louisiana business owners believe that their financial issues are becoming too great to handle on their own, they may want to look into potentially filing for Chapter 11 protection. Discussing this option with legal professionals may help them determine whether it could suit their circumstances.