Los Angeles — Forever 21 Inc. has entered into an agreement to sell its stores to a group of landlords led by Simon Property Group Inc., Brookfield Property Partners LP and Authentic Brands Group LLC for $81 million, according to papers filed in U.S. Bankruptcy Court in Wilmington, Delaware. The buyers have made a deposit with an ESCROW agent in the amount of $13.5 million. The group, known as SPARC Group F21, is stalking horse bidders, meaning other companies have until Friday, Feb. 7 to place any counteroffers. If any such bids are made, there will be a bankruptcy auction help Monday, Feb. 10. A rival bidder would have to pay Forever 21 a breakup fee of $4.6 million, according to court documents. Forever 21 filed for bankruptcy in September.
Forever 21 intends to operate in a business as usual manner, honoring all company policies, including gift cards, returns, exchanges, reimbursement and sale purchases.
Forever 21 Agrees to Sell Stores to Group of Landlords for $81 Million
194