Forever 21 bought out of bankruptcy
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”.
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