Authentic Brands Group, Simon Property Group and Brookfield Property Group have confirmed acquisition of Forever 21. ABG and Simon will each own 37.5 percent of the retailer's intellectual property and operating businesses. , while Brookfield will own 25 percent.

“Forever 21 is a powerful retail brand with incredible consumer reach and a wealth of untapped potential,” said Jamie Salter, founder, chairman, and CEO of ABG, said in a statement. “We’re looking forward to working with the Forever 21 team and our global partners. Together, we’ll revitalize the brand’s core business and connect with audiences around the world through new product offerings and experiences.”

In a statement released by ABG, the brand development company said that it would emphasize trend-conscious design, speed to market and moving towards a more sustainable supply chain for Forever 21. Its strategy will focus on engaging Gen Z consumers by with targeted digital campaigns and influential collaborations.

Forever 21 sold after bankruptcy and declining sales

The LA-based fast fashion chain first announced it was considering a sale earlier this month after several months of hardship. The struggling retailer had finally filed for Chapter 11 bankruptcy protection in September. At the time, Forever 21 had assured its consumers that the move did not mean it would go out of business but rather it was "a deliberate and decisive step to put us on a successful track for the future.”

Forever 21's message to its consumers has seemed to be accurate; while the retailer closed 200 stores internationally, it also launched localized e-commerce stores in the Canadan, Asian, APAC and LATAM markets.

According to ABG, Forever 21 stores are expected to continue operating across the United States and international territories. The brand's new owners will work with landlords to continue store operations in key regions of South America, Europe, China, Southeast Asia, Middle East and India, and will convert current owned store operations in Central America, South America, Mexico, the Philippines and the Caribbean to a licensed partnership model. Forever 21 headquarters will remain in Los Angeles.

Photo: FashionUnited