Forever 21 Enters Deal to Sell Retail Business for $81 Million

Forever 21 has reached an $81 million deal to sell its retail business to a consortium made up of mall operators Simon Property Group and Brookfield Properties, and brand management firm Authentic Brands Group. In a bankruptcy court filing, the mall-based retailer said it's seeking approval to name the three as the lead "stalking-horse bidders" in an auction. (A stalking-horse bid is an initial bid on the assets of a bankrupt company and the deal remains subject to approval by a judge.)
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