US-based fast-fashion retailer Forever 21 has been bought out of bankruptcy by three buyers with international ambitions for the brand.
The retailer has been purchased by Authentic Brands Group, Simon Property Group and Brookfield Property Partners, which said they want to keep most of its 448 US stores open.
The fashion brand filed for bankruptcy last September as flagging sales in the US were compounded by troubles internationally.
The new owners said they would “look to inject new life into the brand” by focusing on “trend-conscious design, speed to market and moving towards a more sustainable supply chain”.
Forever 21’s owners also said they would look to work “with various landlords to continue store operations in key regions”, including both Western and Eastern Europe.
Headquartered in Los Angeles, the retailer is currently looking for a new chief executive.
Founder of Authentic Brands Group, Jamie Salter, said: “Forever 21 is a powerful retail brand with incredible consumer reach and a wealth of untapped potential. We’re looking forward to working with the Forever 21 team and our global partners. Together, we’ll revitalise the brand’s core business and connect with audiences around the world through new product offerings and experiences.”
Authentic Brands Group is a brand management firm, Simon Property is a shopping centre operators and Brookfield Property is a commercial landlord.
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