- Robyn Turk
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Forever 21 might be bought up by one of three buyers. The
struggling fast fashion chain has been scrambling to restructure since
it filed for bankruptcy protection under Chapter 11 in September 2019. Now, the company has
announced that it is considering a sale to a group of bidders that
includes Simon Property Group, Brookfield Property Partners and
Authentic Brands.
According to a bankruptcy court filing, Forever 21 is seeking
approval to name the three companies as its lead bidders, for a sale
of 81 million dollars. The brand hopes to seek approval of the sale by
February 11. Any rival bidder can make counteroffers until February
7.
In the months since its bankruptcy filing, Forever 21 has closed
more than 200 stores internationally. Recently, the brand announced
re-launches in the Canada, Asia, APAC and LATAM markets through localized online stores.
