A consortium of buyers, including mall owners Simon Property Group and Brookfield Property Partners, are bidding $81 million (U.S.) for Forever 21, the ubiquitous mall staple that filed for bankruptcy protection in September. The other bidder is Authentic Brands Group, which has acquired the licensing rights to other troubled retailers like Barneys New York. Forever 21, based in Los Angeles, is a privately held company founded by the Chang family. Forever 21’s bankruptcy marked a dramatic fall for the retailer. But Forever 21 went on an aggressive expansion of stores just as shoppers were moving online.

Source: thestar February 03, 2020 12:45 UTC