Forever 21 Enters Deal to Sell Retail Business for $81 Million

MELISSA CAMPANELLI | February 3, 2020

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Forever 21 has reached an $81 million deal to sell its retail business to a consortium made up of mall operators Simon Property Group and Brookfield Properties, and brand management firm Authentic Brands Group. In a bankruptcy court filing, the mall-based retailer said it's seeking approval to name the three as the lead "stalking-horse bidders" in an auction. (A stalking-horse bid is an initial bid on the assets of a bankrupt company and the deal remains subject to approval by a judge.) The sale would include all of Forever 21's assets, including its retail stores and its beauty line RileyRose. Rival bidders have until Feb. 7 to make any counteroffers, the filing said. If other bids are made, an auction will be held on Feb. 10. Forever 21 is planning to seek approval of the sale by Feb. 11. Forever 21 filed for Chapter 11 bankruptcy protection on Sept. 29, 2019.

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