Forever 21, the cash strapped young women's retailer founded in 1984 by Korean businessman  Do Won Chang, is turning to restructuring advisors in a last ditch effort to avoid filing for bankruptcy, The Wall Street Journal is reporting.

According to "people familiar with the matter," the company has engaged Latham & Watkins LLP to help renegotiate leases with landlords and Alvarez & Marsal to overhaul the company’s operations.

Forever 21 recently burned through a loan from JPMorgan Chase to cover losses and now finds itself struggling to purchase new merchandise and fulfill lease obligations for its more than 700 brick-and-mortar outlets.

For more perspective on the "retail apocalypse" from ABL Advisor contributing writers, click here, and here.