The potential bankruptcy is also looking for a buyer for the retailer's remaining stores. However, if no qualified buyer emerges, Forever 21 would likely liquidate its entire chain of about 350 stores, the report added.
The Forever 21 trademark and intellectual property are owned by apparel chain operator Authentic Brands, which licenses them to the operating company that would undergo a Chapter 11 process, Bloomberg said.
According to Catalyst Brands' website, it operates SPARC Group's brands Aéropostale, Eddie Bauer, Lucky Brand and Nautica.
Authentic Brands' ownership of the Forever 21 brand would remain intact through any bankruptcy process, Bloomberg said.
Forever 21, Catalyst Brands and Authentic Brands did not immediately respond to Reuters' requests for comment.
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