Forever 21 might be bought up by one of three buyers. The struggling fast fashion chain has been scrambling to restructure since it filed for bankruptcy protection under Chapter 11 in September 2019. Now, the company has announced that it is considering a sale to a group of bidders that includes Simon Property Group, Brookfield Property Partners and Authentic Brands.
According to a bankruptcy court filing, Forever 21 is seeking approval to name the three companies as its lead bidders, for a sale of 81 million dollars. The brand hopes to seek approval of the sale by February 11. Any rival bidder can make counteroffers until February 7.
In the months since its bankruptcy filing, Forever 21 has closed more than 200 stores internationally. Recently, the brand announced re-launches in the Canada, Asia, APAC and LATAM markets through localized online stores.