Feb 19 (Reuters) - The U.S.-based operator of Forever 21 was preparing to close at least

200 more locations as part of a bankruptcy process expected to kick off as soon as next month,

Bloomberg News reported on Wednesday, citing people with knowledge of the matter.

The potential bankruptcy is also looking for a buyer for the retailer's remaining stores.

However, if no qualified buyer emerges, Forever 21 would likely liquidate its entire chain of

about 350 stores, the report added.

The Forever 21 trademark and intellectual property are owned by apparel chain operator

Authentic Brands, which licenses them to Catalyst Brands, currently undergoing a Chapter 11

process, Bloomberg said.

Catalyst Brands is a company that was formed this January from the merger of JCPenney and

SPARC Group. According to Catalyst Brands' website, it operates SPARC Group's brands

Aéropostale, Eddie Bauer, Lucky Brand and Nautica.

The shareholders of Catalyst Brands include Simon Property Group ( SPG ), Brookfield

Corporation, Authentic Brands Group and Shein.

Authentic Brands' ownership of the Forever 21 brand would remain intact through any

bankruptcy process, Bloomberg said.

It plans to license Forever 21 to other existing retailers and distributors regardless of

the outcome of Catalyst Brands' potential sale or liquidation in bankruptcy, one of the people

told Bloomberg.

Forever 21, Catalyst Brands and Authentic Brands did not immediately respond to Reuters'

requests for comment.