Forever 21, rescued by its landlords and Authentic Brands for $80 million
Simon Property, Brookflield Property Partners and Authentic Brands have obtained a green light for the purchase of the company, which had filed for bankruptcy in September 2019.
Forever 21 sale approved by judge. Simon Property, Brookfliefd Property Partners and Authentic Brands have obtained a green light to buy the US fashion chain for eighty million dollars.
The two shopping malls owners have partnered with Authentic Brands, which specializes in licensing and ownership of Blackrock. The three will assume part of the debt of the company that, in a scenario where the transaction hadn’t closed, would have gone to liquidation.
In September 2019, Forever 21 filed for Chapter 11 bankruptcy protection, and closed 178 stores of the 549 with which it operates in the United States, as well as most of the stores it has in Europe and Asia.
Founded in Los Angeles in 1984 by Do Won Chang and Jin Sook Chang. The latest economic data dates to 2017 and records a revenue of 5.5 billion dollars.
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