Mall Operators Looking to Keep Bankrupt Forever 21 Going
Bankrupt fast fashion retailer Forever 21 reached an $81 million deal to sell its retail business to a group of investors made up of mall operators Simon Property Group (NYSE: SPG) and Brookfield Properties Partners (NASDAQ: BPY), as well as the brand management outfit Authentic Brands Group.
Although its bankruptcy is a symptom of the retail apocalypse that shows no sign of abating, and could even go on for another two years, the rescue of Forever 21's operations also shows just how worried shopping malls are about the devastation.
This is the second time the trio have partnered to lift a mall retailer out of bankruptcy -- they worked together in 2016 to salvage Aeropostale -- but it lays out a worrisome trend if the retail industry collapses further.
Source Fool.com
