LOS ANGLES, Calif. - A popular fashion retailer is reportedly preparing to file for bankruptcy.

According to a report from Bloomberg, Forever 21 has been in negotiations with financial advisers and lenders in the wake of unprofitable stores and dwindling cash reserves. The report says a last-ditch effort to restructure its debt may keep the company from filing for bankruptcy.

ABC News says there are 600 Forever 21 stores in the U.S., and additional operations in Canada, Asian, Europe, and Latin America. The company didn't return ABC's request for comment.

Several companies have filed for bankruptcy this year including Barneys New York, Payless ShoeSource, and Lord & Tayor. Reports say Lord & Taylor, one of America's oldest department stores, closed its flagship New York City store. The brand was recently sold to a rental clothing company.