Forever 21 has signaled it is ready for sale. The fast-fashion retailer told a Delaware bankruptcy court that it has an $81.1 million stalking-horse bid from a group made up of licensing company Authentic Brands Group and landlords Simon Property Group and Brookfield.
The group has teamed up to form an entity called SPARC Group F21 that will act as the default bid to buy the retailer, according to a filing in the case on Sunday. The group has already deposited $13.5 million.
A hearing to formalize the development is scheduled to take place Tuesday in Delaware bankruptcy court. If there are competing bids to the stalking horse bid, an auction would take place by Feb. 12, and the court would have to issue a sale order within roughly a week after that.
“Forever 21 filed a motion with the bankruptcy court seeking approval to sell the Forever 21 business to a new owner,” the company. “Once approved the agreement will allow Forever 21 to come out of bankruptcy, keeping its headquarters, stores and E-commerce operations open, providing fashions and trends that customers know and love for years to come.”
A representative for Brookfield declined to comment Monday. Representative for Simon and Authentic
The group has teamed up to form an entity called SPARC Group F21 that will act as the default bid to buy the retailer, according to a filing in the case on Sunday. The group has already deposited $13.5 million.
A hearing to formalize the development is scheduled to take place Tuesday in Delaware bankruptcy court. If there are competing bids to the stalking horse bid, an auction would take place by Feb. 12, and the court would have to issue a sale order within roughly a week after that.
“Forever 21 filed a motion with the bankruptcy court seeking approval to sell the Forever 21 business to a new owner,” the company. “Once approved the agreement will allow Forever 21 to come out of bankruptcy, keeping its headquarters, stores and E-commerce operations open, providing fashions and trends that customers know and love for years to come.”
A representative for Brookfield declined to comment Monday. Representative for Simon and Authentic
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