Forever 21 looks t to sell assets to a consortium that includes mall owners Simon Property Group and Brookfield Property Partners and brand management company Authentic Brands Group. The sale of Forever 21’s assets includes its side brands, such as beauty store Riley Rose, and its e-commerce platforms.
US-based Forever 21, filed for bankruptcy protection in September and has since closed 100 stores. Fast fashion retailer Forever 21 became a multibillion dollar operation in over 40 countries before it filed for bankruptcy in September 2019. It plans to close most physical stores in Asia and Europe while continuing to ship to international customers through its US website. The fashion chain had become successful due to its coolness factor and its ability to identify the needs of its customers. But these same customers started to move to online and other retailers. The brand specialised in the fast fashion principle as it made outfits for young teenage girls, who wanted to dress like their favorite celebrities. Forever 21 helped them by providing these fast and at affordable rates. Customers would form huge lines for new store openings. The company also became an attractive tenant for most malls, usually becoming the anchor tenant with its huge sized stores.
