Forever 21 gets US$81mil bid from three firms

Bankrupt retailer: Holiday shoppers walk past a person holding up Forever 21 store sale signs in Washington. Forever 21 recently told suppliers that it’s short on cash and that it could be forced to liquidate if a buyer doesn’t emerge. — Reuters

NEW YORK: A group including two of Forever 21 Inc’s biggest landlords has offered to buy the bankrupt retailer for US$81mil, a fraction of what the international fashion pioneer was once worth.

The consortium of Simon Property Group Inc, Brookfield Property Partners LP and Authentic Brands Group LLC is seeking to buy substantially all of the company’s assets, according to documents filed Sunday in federal bankruptcy court.