Failure to find a new owner could force it into liquidation, the company wrote. Financial terms of the deal were not disclosed. Pedestrians pass in front of a Forever 21 Inc. store in the Union Square neighborhood of New York, U.S., on Thursday, Aug. 29, 2019. Forever 21′s new co-owner Authentic Brands Group said on Tuesday it had appointed former H&M executive Daniel Kulle as the new chief executive officer of the bankrupt apparel retailer. Forever 21 expects to provide information on the potential buyer in the coming weeks, according to the letter. Forever 21 was officially acquired by Authentic Brands Group & Simon. Mall owner may team with brand manager on bankrupt retailer, Short on cash, chain asks suppliers to take 50% IOU on goods. The retailer’s current, owned store operations in Central America, South America, Mexico, the Philippines, and the Caribbean would be converted to a licensed partnership model. The other 50% of the payment owed would be deemed an unsecured “superpriority” administrative claim in the company’s bankruptcy proceedings, ranking behind Forever 21’s lenders for repayment. Authentic Brands Group, Simon Property Group and Brookfield Property Group have confirmed acquisition of Forever 21. Tesla’s Musk Says He May Have Covid-19, Calls Tests ‘Extremely Bogus’, World’s Biggest Free-Trade Deal Set to Be Signed This Weekend, Covid Superspreader Risk Is Linked to Restaurants, Gyms, Hotels, Nio Stock Surge Tops 1,000% as Tesla’s China Nemesis Gains Speed, Stocks Slump on Lockdown Angst Amid Stimulus Limbo: Markets Wrap. Kulle most recently worked as strategic adviser to former H&M Group Chief Executive Karl-Johan Persson. (Reuters) - Forever 21 has a new lease on life after Simon Property Group Inc. and Authentic Brands Group agreed to acquire the bankrupt teen fashion retailer. Forever 21 filed for Chapter 11 bankruptcy protection in September, hit by the rising popularity of online shopping and changing fashion trends among millennial shoppers. (This story corrects paragraph 4 to say Forever 21 has “593” stores and not “815”), Reporting by Aishwarya Venugopal in Bengaluru; Editing by Anil D’Silva. Mall owner Simon Property Group is considering a bid to buy Forever 21 Inc., the bankrupt teen retailer that’s running out of money and time, according to people with knowledge of the matter. The bankrupt retailer proposed to give suppliers half of what they’re owed in cash for goods delivered between Jan. 20 and Feb. 4. , while Brookfield will own 25 percent. ABG and Simon will each own 37.5 percent of the retailer's intellectual property and operating businesses. Forever 21's new co-owner Authentic Brands Group said on Tuesday it had appointed former H&M executive Daniel Kulle as the new chief executive officer of the bankrupt apparel retailer. Authentic Brands hopes Kulle's arrival would strengthen the company's loyalty program and improve its online and in-store shopping experience. Forever 21 filed for Chapter 11 bankruptcy protection in September, making it another victim of the rising popularity of online shopping and changing fashion trends dictated by millennial shoppers. Got a confidential news tip? Before it's here, it's on the Bloomberg Terminal.
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