By Andrew Asch | Wednesday, February 19, 2020 <\/p>\n\n\n\n
Forever\n21<\/strong> is\nnow owned by the Authentic\nBrands Group<\/strong>, the Simon\nProperty Group<\/strong> and Brookfield\nProperty Partners<\/strong>, it was announced on Feb. 19.<\/p>\n\n\n\n The partnership between the brand-development company and the\nmall-managers development companies started around Feb. 2 when they were named\nas the stalking-horse bidders for the bankrupt Los Angeles fast-fashion\nretailer.<\/p>\n\n\n\n The stalking-horse bidders agreed to acquire Forever 21 for $81\nmillion, according to media reports. A Feb. 19 announcement from ABG did not\ndisclose how much the partners paid for Forever 21. However, the announcement\ndid break down how much each individual partner owns of the retailer. ABG and\nSimon each own 37.5 percent. Brookfield owns 25 percent of Forever 21\u2019s\nintellectual property and operating business.<\/p>\n\n\n\n Jamie Salter, founder, chairman and chief executive officer of\nABG, said that Forever 21 still has a lot of potential. <\/p>\n\n\n\n \u201cForever 21 is a powerful retail brand with incredible consumer\nreach and a wealth of untapped potential,\u201d Salter said. \u201cWe\u2019re looking forward\nto working with the F21 team and our global partners. Together, we\u2019ll\nrevitalize the brand\u2019s core business and connect with audiences around the\nworld through new product offerings and experiences.\u201d<\/p>\n\n\n\n Forever 21 founders Do Won and Jin Sook Chang will not remain at\nthe company that they started in 1984 in Los Angeles\u2019 Highland Park section,\nsaid Haley Steinberg, an ABG spokesperson. <\/p>\n\n\n\n \u201cThe founders will not be involved with the company going\nforward. Our CEO has a positive relationship with them and only good things to\nsay,\u201d she wrote in an email.<\/p>\n\n\n\n According to ABG\u2019s statement, the company will continue to\noperate its Los Angeles headquarters. The statement also said that Forever 21\nwill negotiate with landlords to continue store operations around the United\nStates and other regions. It will convert owned store operations to a licensed\npartnership model for Forever 21 stores in Central America, South America,\nMexico, the Philippines and the Caribbean. The new owners also hope to expand\nForever 21 across new territories in South America, Western and Eastern Europe,\nChina, Southeast Asia, the Middle East and India.<\/p>\n\n\n\n California Apparel News<\/p>\n\n\n\n