Forever 21’s New Owners Face A Slowdown In Fast Fashion
Forever 21 has a new lease on life thanks to the successful $81 million bid assembled by the brand conglomerate Authentic Brands Group and the two mall developers that bought it out of bankruptcy. That’s literally true, too — Simon Property Group and Brookfield Property Partners are two of the fast-fashion retailer’s major landlords; now they’re also two of its major owners, and more stores will likely remain open as a result. But that doesn’t mean that things aren’t going to change. In fact, they must if the retailer hopes to reverse the sales and profit declines that drove it to Chapter 11 in the first place. ABG CEO Jamie Salter said as much, noting in a statement regarding the sale that the retailer possesses “a wealth of untapped potential,” and promising “new product offerings and experiences.” Read more at Retail Dive.
