Retailer Love Culture Said to Prepare Bankruptcy Filing
Love Culture, a women's-wear retailer with more than 80 stores, is preparing to file for bankruptcy, according to three people with knowledge of the matter. The chain will seek to continue operations and sell itself as a going concern, said two of the people, who asked not to be identified because the process is private. Jenny Rim, general counsel for the Los Angeles-based company, declined to comment. Love Culture was founded in 2007 by Jai Rhee and Bennett Koo, former executives at fast-fashion retailer Forever 21, with the aim of selling affordable style to young women.