Forever 21 Inc. (USA) has told a Delaware bankruptcy court it has secured a more than $81 million stalking horse bid for its assets from a consortium of Authentic Brands Group and mall landlords Simon Property Group and Brookfield Properties, which goes under the name of SPARC Group.
 

Forever 21 asked the court to approve bid procedures that will allow the consortium, consisting of two of the largest mall owners in the United States and a brand management company, to acquire all of Forever 21's assets unless a higher bid is submitted by Feb. 7, according to a report by Law 360.

 

Forever 21 has $350 million in trade debt to vendors, along with $228.2 million in various secured debt.

 

When the company first filed for bankruptcy in September 2019, it had said it could close up to 200 of its 541 U.S. stores.  Having received rent concessions from landlords, it is now likely to close only 88 stores, the company told the court in November.

 

Currently, Forever 21 operates about 790 stores worldwide.