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Acquisition keeps Forever 21 in business

Photo by istock.com

February 24, 2020

Fashion retailer Forever 21 will remain in business due to a joint $81 million dollar acquisition by Authentic Brands Group, Brookfield Property Partners and Simon Property Group.

The retailer had filed for bankruptcy in 2019 and has 593 stores around the world, according to a NPR report.

"Forever 21 is a powerful retail brand with incredible consumer reach and a wealth of untapped potential," Jamie Salter, CEO of ABG, said in a statement.