U.S. fashion retailer Forever 21 has reached an €81 million deal for its retail business from investors such as Simon Group Property, Brookfield Property Partners and Authentic Brands. Forever 21 confirmed in a bankruptcy court filing that it is seeking approval to name the three as the lead, stalking-horse bidders in the auction. All three bidders have until Friday to make any counteroffers, and if bids have been received, then an auction will take place on 10 February. Forever 21 will seek approval of the sale by 11 February.
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Forever 21 filed for bankruptcy protection in September 2019, which resulted in the closure of 178 U.S. stores. Since then, the company partnered with cross border e-commerce platform Global-e to re-launch its international online stores in Canada, Asia, the Asia Pacific region and Latin America.
