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.