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Potential Forever 21 Buyout Involves Mall Landlords Simon, Brookfield-Report

September 23, 2019, 09:00 AM
Filed Under: Retail

Mall landlords Brookfield Property Partners LP and Simon Property Group Inc. are reportedly in talks to purchase a stake in distressed teen retailer Forever 21 Inc., echoing a similar play for Aeropostale Inc. in 2016.

Citing anonymous sources, Bloomberg News reported that Forever 21 could sell a significant stake to the pair as part of a bankruptcy restructuring plan that could materialize as early as this month. The deal would allow the retailer's co-founder, Do Won Chang, to retain a stake, according to the report. Chang earlier in the year was said to be opposed to potential plans involving the landlords.

As ABL Advisor previously reported, Forever 21 has been positioning itself for a possible Chapter 11 filing after reaching an impasse with lenders.

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