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Forever 21 cancels auction to sell to Brookfield, Simon :REAL ESTATE

Forever 21 canceled auction (Credit: Getty Images)

Forever 21 canceled auction (Credit: Getty Images)

In the end, Forever 21 had no choice.

The retailer approved an offer of $ 81 million from a group of buyers from Simon Property nGroup and Brookfield Property Partners, the Wall Street Journal reported on Monday. An auction was canceled after no other qualified bids were received.

A judge will consider approval of the sale before a Delaware court on Tuesday. Forever 21 filed for bankruptcy in September. Last week, a lawsuit announced that the retailer had signed a purchase agreement with Simon, Brookfield, and the licensing company Authentic Brands Group.

The chain, controlled by its founders, had expanded its presence to 800 stores in recent years, even as other retailers declined.

Forever 21’s assets include e-commerce platforms and brands such as the Riley Rose beauty salon. Other landlords among his creditors are Vornado Realty Trust, Macerich and Unibail-Rodamco-Westfield.

Simon announced on Monday that he would buy an 80 percent stake in Taubman Centers, the Taubman family’s $ 2 billion shopping mall, which held Simon’s hostile takeover bid with Westfield in 2003.[[[[WSJ]- Erin Hudson

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