Mall owner Simon Property Group is considering partnering with Authentic Brands Group LLC to buy and operate the Forever 21 brand and stores.
Nearly a decade ago, before Instagram influencers existed, Forever 21 helped teen girls dress like their favorite celebrities, for cheap.because of poor sales and the founding Chang family’s insistence on maintaining control.
Forever 21 told suppliers in recent weeks that it’s short on cash and that it could be forced to liquidate if a buyer doesn’t emerge. It asked them in a letter to ship goods on credit while talks continue with a potential buyer, which it didn’t name. The retailer is unable to borrow more money, and “therefore is turning to you in an effort to continue operating,” Forever 21 said in the letter, a copy of which was reviewed by Bloomberg. Failure to find a new owner could force it into liquidation, the company wrote. Forever 21 expects to provide information on the potential buyer in the coming weeks, according to the letter.
The bankrupt retailer proposed to give suppliers half of what they’re owed in cash for goods delivered between Jan. 20 and Feb. 4. They’d be paid in the week following receipt of the goods.The other 50% of the payment owed would be deemed an unsecured “superpriority” administrative claim in the company’s bankruptcy proceedings, ranking behind Forever 21’s lenders for repayment.
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