Mall owners Simon Property Group (Indianapolis) and Brookfield Property Partners (Hamilton, Bermuda) join a consortium of buyers who are bidding $81 million for Los Angeles-based Forever 21, along with Authentic Brands Group (New York).
This past September, mall staple Forever 21 filed for bankruptcy protection, since closing hundreds of stores both internationally and domestically, according to ABC News.
Mark Hunter, Managing Director of CBRE’s mall management in the Americas told ABC News that it is common for mall owners to try to save brands in order to keep a high level of occupancy in their malls in fears that other retailers could make a case for lower rents or release from their leases.
Parties interested in making a bid for Forever 21 have until Feb. 7 to make a higher offer.