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Forever 21 saved from bankruptcy, plans to relaunch

3 years 7 months 1 week ago Thursday, February 20 2020 Feb 20, 2020 February 20, 2020 9:02 AM February 20, 2020 in News
Source: BBC

Forever 21 has been saved from international bankruptcy by three buyers who want to expand internationally.

According to the BBC, the new owners are Authentic Brands, Simon Property, and Brookfield Property. 

They want to keep most of the chain's 488 U.S. stores open. 

The company filed for bankruptcy in September of 2019 as losses mounted from its international locations. 

As the company relaunches it plans to introduce new lines of jewelry, footwear, and handbags.

Forever 21 is also on the lookout for a new chief executive to lead the relaunch. 

Headquartered in Los Angeles, Forever 21, like many of its brick-and-mortar rivals, has struggled with rising competition from online retailers.

Authentic Brands is a brand management company, Simon Property operates malls and Brookfield Property runs commercial properties.

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