Retailer Forever 21 is reportedly preparing to file for bankruptcy, according to published reports.Bloomberg says a turnaround plan for the chain, which sells trendy yet affordable clothes for both men and women, has been unsuccessful and talks to obtain additional cash from lenders aren't going well.Forever 21 is said to be considering a Chapter 11 filing. That would allow it to remain open, restructuring debt and exiting leases for stores that aren't meeting sales goals.Officials with the Los Angeles-based chain didn't respond to requests for comment made by Bloomberg reporters.There are about 800 Forever 21 stores in the U.S., Asia, Europe and Latin America.If the bankruptcy filing happens and some locations close, Forever 21 would become one of several retailers to close underperforming locations in recent months, including CVS, JCPenney, Party City and Walgreens. Other chains, such as Payless ShoeSource and Dressbarn, chose to completely shut down.
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