Forever 21 is exploring restructuring options to shore up its liquidity as the fast-fashion giant struggles with its business, a person familiar with the situation said on Monday.

The company is in talks with private equity firm Apollo Global Management about raising debtor-in-possession funds to provide financing should it file for bankruptcy, the person said. The person cautioned that no decisions have yet been made.

The talks come as the apparel industry continues to struggle amid sweeping changes, including the shift of more purchases online. Many of the most troubled retailers, like Forever 21, are located in malls, where fewer shoppers are spending their money. As sales decline, the companies are still weighed down by large, expensive store bases even as the retailers need to invest in technology to fend off competition from new brands born online, like Lulus.