Simon Property Group, Brookfield Property Partners and Authentic Brands are in line to acquire Forever 21. Authentic Brands and Simon Property would own 37.5 per cent each of the retailer, while Brookfield Property would buy 25 per cent of the intellectual property and operating businesses.

Bankrupt teen fashion retailer Forever 21, which has 815 stores in 57 countries, will continue to operate in US and international markets. The retailer’s current owned store operations in Central America, South America, Mexico, the Philippines, and the Caribbean would be converted to a licensed partnership model. The new owners are also working with existing and new partners to expand Forever 21 across key territories, including South America, China, the Middle East and India. Forever 21, founded in 1984, became a multibillion dollar operation in over 40 countries before it filed for bankruptcy. The fashion chain had become successful due to its coolness factor and its ability to identify the needs of its customers. But these same customers started to move to online and other retailers. The brand specialised in the fast fashion principle as it made outfits for young teenage girls, who wanted to dress like their favorite celebrities. Forever 21 helped them by providing these fast and at affordable rates.