South Jersey discount retailer Forman Mills has warned that it will likely file for Chapter 11 bankruptcy protection if it cannot find a buyer, causing the company to close stores and lay off hundreds of employees over the next two months. 

The Pennsauken-based retailer is currently trying to finalize a sale “as a going concern,” according to a letter penned by CFO Kevin Hess and filed with the Pennsylvania Department of Labor and Industry on June 12. If it does not find a buyer, Forman Mills expects to file for Chapter 11 bankruptcy protection and begin closing stores, including seven in Eastern Pennsylvania. 

*Article courtesy of Philadelphia Business Journal

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