Forever 21 to be sold to mall owners Simon, Brookfield, brand company Authentic
Simon and Brookfield are two of Forever 21's largest unsecured creditors
FOX Business’ Grady Trimble reports on the record number of store closures across the U.S. in 2019 and the major brands lost during the past 10 years. Then, retail analyst Hitha Herzog discusses what retail trends we will likely see in the new decade.
Troubled retail chain Forever 21 has reached an agreement to be sold to a group that includes mall owners Simon Property Group and Brookfield Property Partners and brand management company Authentic Brands Group.
That’s according to a Sunday court filing flagged by The Real Deal. The price would be $81 million.
Simon and Brookfield are two of Forever 21's largest unsecured creditors.
MACY'S TRYING NEW STORE FORMAT IN TEXAS
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SPG | SIMON PROPERTY GROUP INC. | 180.85 | +0.58 | +0.32% |
| BPY | NO DATA AVAILABLE | - | - | - |
Forever 21, founded in 1984 and based in California, filed for bankruptcy protection in September and has since closed 100 stores.
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Authentic Brands Group, with B. Riley Financial Inc., bought retailer Barneys New York after a three-month auction process last year.