Authentic Brands Group Joins in Bid for Forever 21
Volcom owner Authentic Brands Group is joining two mall landlords in making a bid to buy bankrupt Forever 21.
The $81 million offer by ABG, Simon Property Group and Brookfield Property Partners is the stalking horse bid in Forever 21’s bankruptcy case, according to Bloomberg, and must be approved by the court.
The founders and current owners, the Chang family, have struggled to raise money to exit the bankruptcy process, and have told vendors they are running short on cash and may be forced to liquidate if no buyer emerges, according to Bloomberg.
When it filed for bankruptcy protection in September 2019, Forever 21 operated 549 stores in the U.S. and 251 stores internationally but has since closed several locations
In addition to Volcom, Authentic Brands Group owns a wide range of brands including Spyder, Juicy Couture, Frye, Nautica, Sports Illustrated and Barneys.