The Wall Street Journal reported that fast-growing teen retailer Forever 21 is planning to downsize its biggest stores, according to people familiar with the matter.
The Journal said the company is talking with Wells Fargo and TPG regarding a $150 million loan to bolster its balance sheet, a rare instance of the closely held company turning to outside investors according to the people.
People familiar with the company say its sales and profit have tapered off after years of strong growth as the company has stumbled by expanding into cavernous stores, said the Journal.
Access the full Wall Street Journal story here.