Love Culture preps for bankruptcy

Love Culture, the Los Angeles-based women's apparel retailer with more than 80 stores, is preparing to file for bankruptcy.

The chain will look to sell itself as it continues operations, according to three sources who spoke with Bloomberg.

The company was started in 2007 by Jai Rhee and Bennett Koos, both former executives of Forever 21.

Love Culture is just one in a string of apparel retailers forced to file for bankruptcy in the past year. Loehmann's filed for bankruptcy and closed the doors to its 39 brick-and-mortar stores earlier this year, and Coldwater Creek began its going-out-of-business sales in its 370 stores after filing for bankruptcy in April.

The general counsel for the retailer declined to comment.

For more:
-See this Bloomberg article

Related stories:
Forever 21 to double size by 2018
Forever 21 plans new F21 Red concept
Ann Inc to open 4 Lou & Grey concept stores this fall
Abercrombie & Fitch shows signs of a turnaround
Abercrombie & Fitch to reposition Hollister as a 'fast fashion' brand

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