After filing the Chapter 11 bankruptcy last year, the young generations’ beloved fast-fashion retailer – Forever21 – had said that it planned to exit most of the locations in Asia and Europe, but would remain working in Latin America and Mexico.
The new owners Authentic Brands, Simon Property and Brookfield Property want to keep most of its US stores open.
While Authentic Brands and Simon Property would own 37.5 per cent each, Brookfield Property will purchase 25 per cent shares of the intellectual property and operating businesses.
Financial terms of the deal, however, were not disclosed.
The three owners want to expand the brand internationally and are looking for a Chief Executive Officer who will be the growth driver. Their revival plan includes the launch of new jewellery, footwear and handbags.
They also plan to keep the headquarters in Los Angeles while looking to expand in Europe, South America, China, the Middle East and Southeast Asia. The company is also planning to convert stores in Latin America, the Caribbean and the Philippines from company-owned to licensed partnerships.
Forever 21 currently operates 145 stores outside the US. There are total 448 stores in US which the owners plan to keep running.