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(CNN) -- Teen clothing retailer Forever 21 is preparing for a potential bankruptcy filing, according to several published reports.Forever 21, which is privately held, has more than 800 stores in 57 countries. And while many retailers have been paring back their network of stores in recent years, Forever 21 was adding stores as recently as 2016. It still has as many stores as it reported at that time.The ability to get out of leases and close stores at a lower cost is one of the advantages that the bankruptcy process affords to retailers.The company did not respond to requests for comment.Traditional brick-and-mortar retailers that specialize in selling clothes to teens and young adults have had a particularly hard time in recent years as younger buyers shift from mall visits to online purchases.Among the retailers in the segment that filed for bankruptcy and closed all their stores during the last five years are Wet Seal, American Apparel and Delia's. Aeropostale also filed for bankruptcy in 2016 but has kept some of its stores open.Many retailers have run into trouble due to being purchased by private equity firms or hedge funds. But Forever 21 is still owned by its founders, Do Won and Jin Sook Chang. A husband and wife team, the Changs immigrated from South Korea in 1981 and started the chain three years later with a single 900 square-foot store in Los Angeles and only ,000 in savings.Forbes lists the couple as having a net worth of .5 billion, and the privately-held company itself as having annual sales of .4 billion and 30,000 employees.Bloomberg reported in June that some members of Forever 21 management had asked some of its landlords to take a stake in the company as a way of coming up with funds it needs.Mall owner Simon Property Group, for which Forever 21 is a major tenant, took a stake in Aeropostale during its bankruptcy process. In July Simon Property CEO David Simon told investors it was open to working with other tenants facing trouble, without mentioning any by name."We'll work together on other distressed situations, and let's face it, there are some out there," Simon said. "But we're only going to buy into companies that, we think, have brands and that the volume that is worth doing it."But Bloomberg reported Thursday that Do Won Chang has been trying to maintain control of the company in any restructuring, and that his desire to do so has limited the company's ability to find funds it needs. 2469

(KGTV) - Andrea McGee has a chalkboard on the wall of her two-bedroom townhome in Santa Barbara. It reads, "Everything will be okay once you're okay with everything.""That was my mantra for this month," McGee said. In this case, she's okay with being a psychotherapist with a master's degree that must live paycheck to paycheck in Santa Barbara, a city of about 92,000 about 85 miles north of Los Angeles. McGee loves the city dearly, but it costs her.She and a roommate are splitting the ,700 a month rent for the aging townhome, with a kitchen so small only one person can fit inside at a time."Everybody talks about the new promise lands - the Denvers, the Portlands, and now it's even Boise, Idaho is the place to go," McGee said. "But I'm just trying to make it work in Paradise."With its big sandy beaches, an expansive boardwalk and a quaint shopping district downtown, Santa Barbara calls itself the American Riviera. But many of the people who work in the city can't afford it. An estimated 25,000 to 30,000 people commute to their jobs daily from affordable areas, some from more than 50 miles away. "We’ve had some employers leave town because of the high cost of housing," said Rob Fredericks, who runs the Santa Barbara Housing Authority. The relative hollowing out of the city's job market goes hand-in-hand with Santa Barbara's extreme housing crunch. At one point last year, Fredericks said the apartment vacancy rate was below 0.5 percent. The average rent for a two-bedroom apartment is now ,500 a month. "Sure, we could solve the housing problem in Santa Barbara if up and down State Street we created 12 story developments, but that's not going to happen," Fredericks said. "That will not happen."San Diego, on the other hand, can build up. It's those tall, dense buildings that could keep the city from becoming the next Santa Barbara. The city of San Diego is now updating community plans to streamline thousands of new housing units, many near transit centers. But builders still need to step up, and cost and regulations are still issues."Our region's needed new housing production is approximately at half of what is required to just keep up with population growth," said Borre Winckel, who heads the San Diego Building Industry Association.Winckel said the city of San Diego has shown a bipartisan approach to embrace higher densities, streamlining development applications, and deferring developer fees. But he says the industry still deals with the high cost of labor and community character concerns. Santa Barbara, on the other hand, has an incentive program with a goal of adding 250 new units near transit centers. But 5,500 people are already on its affordable housing waiting list.Ryan LaTorre works two jobs in Santa Barbara - as a server and clerk at a souvenir shop on Stearns Wharf - just to pay ,200 a month to split a bedroom with his significant other. "Santa Barbara's a very small town," he said. "I feel like if you're not in school or you're not retired, there's kind of like no in-between in there. You're struggling the whole time."   3180

(KGTV) - George H.W. Bush, the 41st President of the United States, died on Friday at the age of 94, his family announced late Friday. A statement from his son, former President George W. Bush, reads: "Jeb, Neil, Marvin, Doro, and I are saddened to announce that after 94 remarkable years, our dear Dad has died. George H. W. Bush was a man of the highest character and the best dad a son or daughter could ask for. The entire Bush family is deeply grateful for 41’s life and love, for the compassion of those who have cared and prayed for Dad, and for the condolences of our friends and fellow citizens."The elder Bush served as president from 1989 to 1993, overseeing the United States' efforts in the Persian Gulf during Operation Desert Storm. Bush lost reelection in 1992, losing to Democrat Bill Clinton. Bush arguably had one of most extensive resumes before becoming president, having been a congressman, ambassador to the United Nations, envoy to China, CIA director and vice president. Before serving as president, Bush was Ronald Reagan's vice president from 1981 through 1989. His partnership with Reagan came after an intense battle for the GOP nomination between Bush and Reagan during the 1980 primary season. Bush's wife of 73 years Barbara died in April. Bush has experienced a number of health issues in recent years. He suffered from a form of Parkinson's disease, which forced him to a motorized scooter since 2012. Just one day after his wife's funeral, Bush was hospitalized with a blood infection. His failing health also caused him to miss the inauguration of President Donald Trump in 2017. Bush was admitted to the intensive care unit for an acute respiratory problem.Congressional leaders announced Saturday that Bush will lie in state in the Capitol Rotunda from Monday evening through Wednesday morning. 1895

(KGTV) - A fire broke out Friday at a home in the Talmadge area.Sky10 was above the home in the 4600 block of 50th at Madison Ave. about 4:30 p.m.Firefighters found flames and smoke at the home when they arrived.The home was vacant when the fire broke out. No roads were closed in the area.San Diego Fire-Rescue teams did not immediately release what caused the fire.Crews requested an arson investigator and SDG&E assistance at the scene.   483

(KGTV) - A proposed bill moving through California's legislature would — hopefully — eliminate fears of an awful driver's license photo.SB-1407 would allow drivers to have the ultimate say in their license photo. The bill would let drivers take up to three pictures at the Department of Motor Vehicles and then choose which one they like best.Drivers would also be allowed to have their photo taken outside of the DMV by a pre-approved photography center.RELATED: California DMVs now taking applications for Real ID driver's licenses, identification cardsWhile all of this sounds great for drivers who loathe their license photo, it could come at a cost. The bill says there would be an extra fee for each additional photo but didn't specify how much. That revenue would be put toward driver's education programs at public schools.So far, the bill has passed through the state Senate Transportation Committee Tuesday and has been referred next to the Committee on Appropriations. 1002