The retail apocalypse continues: clothing retailer Forever 21 is reportedly set to file for bankruptcy protection in an effort to restructure it's debt.

Bloomberg reports that the struggling clothing retailer is preparing to file for bankruptcy in the hopes of restructuring its debt. Forever 21 sells "fast fashion" - inexpensive clothing, that mostly targets a younger audience.

The retailer currently has a store in Sangertown Square in New Hartford, F21 Red. "F21 RED offers customers a deeper inventory of the trend-led staples Forever 21...is known for carrying," according to the Sangertown Square website.

A full-scale Forever 21 recently re-opened at the Destiny Mall in Syracuse.

There is no word on whether Forever 21 will ultimately survive a restructuring, although Yahoo Finance says, in a story titled Why Forever 21 Will Probably Go Bankrupt and Disappear, "To hear Forever 21 is knocking on death’s door isn’t a shocker. In fact, one has to wonder what in the world took so long."

Yikes.

Maybe now would be a good time to use those gift cards...just in case.