New York (CNN Business) 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.

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