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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) - A little girl who raised money to help the family of a firefighter killed in the Thomas Fire delivered the funds to the family over the weekend. 161
(KGTV) — For shoppers who find themselves needing a holiday gift at the last minute this year, several retailers will keep their doors open with special hours.Major retailers have changed their normal hours on Dec. 23 and 24 to give those last-minute shoppers plenty of time to find the perfect gift.According to Offers.com, Americans will spend an average of 6 on holiday gifts this year. RELATED: Hundreds of San Diego kids get holiday shopping spree with copsAbout 80 percent of those shoppers will get their shopping done in December, according to the website. About 42 percent of shoppers also plan to take care of that shopping in store.Department store holiday hours:Bed Bath & Beyond - Dec. 23: 8 a.m. to 11 p.m.; Dec. 24: 8 a.m. to 6 p.m.Best Buy - Dec. 23: 8 a.m. to 11 p.m.; Dec. 24: 7 a.m. to 6 p.m.BJ's - Dec. 23: 8 a.m. to 10 p.m.; Dec. 24: 8 a.m. to 6 p.m.Costco - Dec. 23: 10 a.m. to 8:30 p.m.; Dec. 24: 9 a.m. to 5 p.m.Dillard's - Dec. 23: 9 a.m. to 10 p.m.; Dec. 24: 8 a.m. to 6 p.m.Game Stop - Dec. 23: 9 a.m. to 10 p.m.; Dec. 24: 8 a.m. to 8 p.m.Home Depot: Dec. 23: Regular store hours; Dec. 24: Opens at 6 a.m., closing hours vary by locationJCPenney - Dec. 23: 7 a.m. to 10 p.m.; Dec. 24: 7 a.m. to 6 p.m.Kohl's - Dec. 23: 24 hours; Dec. 24: 12 a.m. to 6 p.m.Macy's - Dec. 23: 7 a.m. to midnight; Dec. 24: 7 a.m. to 6 p.m.Nordstrom: Dec. 23: 9 a.m. to 10 p.m.; Dec. 24: 8 a.m. to 6 p.m.Sam's Club - Dec. 23: 7 a.m. to 9 p.m.; Dec. 24: 7 a.m. to 6 p.m.Target - Dec. 23: 7 a.m. to 11 p.m.; Dec. 24: 7 a.m. to 10 p.m.Walmart - Dec. 23 & Dec. 24: Check specific store's regular hours 1621
(KGTV) — Days after President Trump restored Navy Chief Edward Gallagher's rank after he was convicted of posing with a dead Islamic State captive, Navy officials reportedly intend to review his fitness to serve.According to the New York Times, Navy officials have ordered Gallagher to be appear before leaders Wednesday where they will review his ability to remain a Navy SEAL.The Navy will reportedly also review three SEAL officers who oversaw Gallagher: Lt. Cmdr. Robert Breisch, Lt. Jacob Portier and Lt. Thomas MacNeil.“We have implemented the President’s order to restore Chief Gallagher’s paygrade,” Captain Tamara Lawrence, a spokesperson for Navy Special Warfare Command, told CNN. She added that Rear Adm. Collin Green, the commander of Naval Special Warfare Command, “is responsible for the Naval Special Warfare Force. He remains focused on delivering a capable, ready, and lethal maritime special operations force in support of national security objectives, which includes assessing the suitability of any member of his Force via administrative processes.”RELATED: Trump restores rank of San Diego Navy SEAL following war crimes caseThe review could lead to the Navy taking away Gallagher's Trident pin, a symbol of his membership in the SEALs — effectively ousting him from the elite force.Last week, President Trump granted clemency to Gallagher saying in part: "Though ultimately acquitted on all of the most serious charges, he was stripped of these honors as he awaited his trial and its outcome. Given his service to our Nation, a promotion back to the rank and pay grade of Chief Petty Officer is justified."The President's move came after Gallagher was acquitted of six of seven charges related to accusation of murdering a wounded ISIS teenager and shooting at Iraqi civilians. Gallagher was convicted of posing with the dead teenager's body in a photograph, which could have led to a demotion and him losing 0,000 when he retired due to his lower rank.According to the New York Times, a SEAL's Trident can be taken away if a commander loses, "'faith and confidence in the service member's ability to exercise sound judgment, reliability, and personal conduct.'"Since 2011 the Navy has removed 154 Tridents, NYT reports. 2254
(KGTV) - Does the acronym formed by a new model Subaru form a swear word?No.Pictures going around show the Subaru "Forester Ultimate Customized Kit Special" edition that was displayed at the Singapore Auto Show.The first letters of the car's name form a profanity.But the car was not released by Subaru. A local distributor in Singapore made a custom Subaru and put it on display at the show with the edgy name.The car will not be available for purchase in the United States. 483