Chain Store Age
The sale of the bankrupt fast-fashion retailer to brand management and licensing firm Authentic Brands Group, Simon Property Group and Brookfield Property Partners has been finalized. Under the terms of the deal, ABG and Simon will each own 37.5% and Brookfield will own 25% of Forever 21’s intellectual property and operating businesses.
The new owners will maintain Forever 21’s headquarters in Los Angeles, as well as its e-commerce business. According to a report by Bloomberg, the owners also plan to keep most of the chain’s 448 U.S. stores open under the leadership of a new CEO that will be announced when the company emerges from Chapter 11. . . . more