Forever 21 files for bankruptcy
FOX Business’ Susan Li reports on Forever 21 filing for chapter 11 bankruptcy.
Three companies finalized the acquisition of Forever 21, marketing company Authentic Brands Group announced Wednesday.
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The new ownership group — mall owners Simon Property Group and Brookfield Property Partners with Authentic Brands – say they expect to keep Forever 21's 448 U.S. stores open.
Court filings earlier this month put the price of the sale at $81 million.
SAVING FOREVER 21 IS A HIGH-STAKES GAMBLE FOR MALL OWNER
|SPG||SIMON PROPERTY GROUP INC.||137.01||-2.16||-1.55%|
|BPY||BROOKFIELD PROPERTY PARTNERS||18.52||+0.08||+0.43%|
"Forever 21 is a powerful retail brand with incredible consumer reach and a wealth of untapped potential," Authentic Brands CEO Jamie Salter said in a statement. "We're looking forward to working with the F21 team and our global partners."
BED BATH & BEYOND UNVEILS TURNAROUND PLAN
"Together, we'll revitalize the brand's core business and connect with audiences around the world through new product offerings and experiences," Salter continued.