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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.

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.

TAGS: Forever 21
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