Retailer Forever 21 Said to Be Exploring Debt Restructuring (1)

Fast-fashion chain Forever 21 Inc. is in talks with potential lenders and restructuring advisers as it explores options for turning around its ailing business, according to people familiar with the matter.

The company is exploring financing that would shore up its liquidity and ensure founder Do Won Chang maintains control, said the people, who asked not to be identified because they’re not authorized to speak publicly. It’s also spoken with Apollo Global Management about lining up potential debtor-in-possession financing if it were to seek bankruptcy, the people said.

“Forever 21 is speaking with our lenders in the normal course of ...