Forever 21 bought out of bankruptcy

Landlords rescue fast-fashion retailer

Forever 21 has been bought out of bankruptcy for $80m (£62m) by two of its largest landlords, according to The Times.

Simon Property Group and Brookfield Property Partners, have joined forces with the licensing specialist the owns Sports Illustrated magazine, Authentic Brands, to rescue the fast-fashion retailer.

In September 2019, Forever 21 filed for Chapter 11 bankruptcy protection, and has closed down three UK store in London, Liverpool and Birmingham.

Before it collapsed, Forever 21 employed around 32,800 people and operated almost 800 stores worldwide.

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