Forever 21 has a new fan — Jamie Salter, chief executive officer of Authentic Brands Group.
The brand management maestro is working with a landlord and considering a bid to buy the fast-fashion chain out of bankruptcy, according to a financial source contacted by WWD and a Bloomberg report, which identified Simon Property Group as Authentic’s partner.
That stands as proof that Salter is working across the full breadth of the fashion retail spectrum since he put together a successful bid to buy the uber high-end Barneys New York out of bankruptcy in the fall.
While neither Salter nor a representative for Simon could be reached immediately, a deal could make sense.
Forever 21 — known for rock-bottom prices and a certain at-times uncomfortable willingness to borrow design inspiration — was negotiating with landlords before it succumbed to a bankruptcy filing in September. Although no deal was reached, the retailer expected “good-faith negotiations with its landlord constituency will continue post-petition.”
Mall operator Simon ranked as Forever 21’s eighth-largest creditor, owed $8.1 million in rent when the company went under.
If Simon were ultimately part of a group that bought Forever 21, it could work to lessen the impact on its malls.
And Authentic is positioned — and
The brand management maestro is working with a landlord and considering a bid to buy the fast-fashion chain out of bankruptcy, according to a financial source contacted by WWD and a Bloomberg report, which identified Simon Property Group as Authentic’s partner.
That stands as proof that Salter is working across the full breadth of the fashion retail spectrum since he put together a successful bid to buy the uber high-end Barneys New York out of bankruptcy in the fall.
While neither Salter nor a representative for Simon could be reached immediately, a deal could make sense.
Forever 21 — known for rock-bottom prices and a certain at-times uncomfortable willingness to borrow design inspiration — was negotiating with landlords before it succumbed to a bankruptcy filing in September. Although no deal was reached, the retailer expected “good-faith negotiations with its landlord constituency will continue post-petition.”
Mall operator Simon ranked as Forever 21’s eighth-largest creditor, owed $8.1 million in rent when the company went under.
If Simon were ultimately part of a group that bought Forever 21, it could work to lessen the impact on its malls.
And Authentic is positioned — and
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