Forever 21 reaches $81 million deal to sell its retail business to US mall owners and Authentic Brands

LAUREN THOMAS | February 3, 2020

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Forever 21 has reached an $81 million deal to sell its retail business to a group that includes Simon Property Group, Brookfield Property Partners and Authentic Brands. Forever 21 said in a bankruptcy court filing it is seeking approval to name the three as the lead, stalking-horse bidders in an auction. Rival bidders have until Friday 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 in September. The mall-based apparel chain, which caters to younger customers, got into trouble by expanding too quickly inside and outside the United States. Forever 21 has shuttered more than 100 locations since its bankruptcy filing. It still had more than 800 stores globally in September.

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