Forever 21 preparing for potential bankruptcy filing

BAKERSFIELD, Calif. — Forever 21 is preparing for a potential bankruptcy filing, as the fashion retailer's cash dwindles and turnaround options fade, according to Bloomberg.

The outlet cited people with knowledge of the plans who say the company has been in talks for additional financing and working with a team of advisers to help it restructure its debt.

However, negotiations with possible lenders have so far stalled.