Forever 21 bought back from bankruptcy by Authentic Brands and its partners
Last week, Simon Property, Brookfield Property Partners and Authentic Brand obtained the green light to buy the company for eighty million dollars.
Forever 21 passes to other hands. The American fashion chain has completed its sale process with Simon Property, Brookfield Property Partners and Authentic Brands. Authentic Brands has partnered with the two associates in the US chain to close their purchase for eighty million dollars.
Last week, The Times reported that the two owners of Forever 21 and Authentic Brands, owned by BlackRock, specialized in licenses, will assume part of the company’s debt which aimed at liquidation after filing for chapter 11 last September.
Forever 21 made this decision after closing 178 stores of the 549 with which it operates in the United States, as well as most of the stores in Europe and Asia. Jin Sook and Do Won Chang founded the company in Los Angeles in 1994 and during its peak, it came to register a revenue of 4.1 billion dollars and employed up to 43,000 people in more than fifty countries.
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