A group that includes two of Forever 21 Inc.’s biggest landlords has offered to buy the bankrupt retailer for $81 million, a fraction of what the international fashion pioneer was once worth. The consortium of Simon Property Group Inc., Brookfield Property Partners LP and Authentic Brands Group LLC is seeking to buy substantially all of the company’s assets, according to documents filed Sunday in federal bankruptcy court. Bloomberg previously reported that Authentic Brands Group and Simon Property Group were mulling a plan to acquire the retail chain. Forever 21 was talking about selling a stake to Simon and its other largest landlord, Brookfield Property Partners LP, before it filed for bankruptcy in September, Bloomberg previously reported. Forever 21 recently told suppliers in a letter reviewed by Bloomberg that it’s short on cash and that it could be forced to liquidate if a buyer doesn’t emerge.

Source: Los Angeles Times February 03, 2020 05:37 UTC