Forever 21 Enters Deal to Sell for $81M

Four months after filing Chapter 11, the fast-fashion retailer has reached a deal to sell off its assets.
License Global

February 4, 2020

forever21.png

After filing Chapter 11 late last year, Forever 21 has reached a deal to sell its assets for $81 million.

The “stalking horse bidder” is a consortium made up of Brookfield Properties, Simon Property Group and brand management firm Authentic Brands Group. Once approved by a judge, the sale would close and include all of the retailer’s remaining stores and its beauty line RileyRose, among other assets.

“Forever 21 filed a motion with the bankruptcy court seeking approval to sell the Forever 21 business to a new owner,” the company said via statement. “Once approved the agreement will allow Forever 21 to come out of bankruptcy, keeping its headquarters, stores and e-commerce operations open, providing fashions and trends that customers know and love for years to come.”

Authentic Brands Group recently purchased another well known brand after it filed for bankruptcy:

Barneys.

The deal closed for $271 million.

Subscribe and receive the latest news from the industry.

Join 62,000+ members. Yes, it’s completely free.

You May Also Like

Loading..

Report

Loading..

This site uses cookies to provide you with the best user experience possible. By using License Global, you accept our use of cookies.