Forever 21 is in talks with mall owners Simon Property Group and Brookfield Property Partners about the proposal, which would be part of a bankruptcy filing, sources said.
Forever 21 Inc. is in discussions to give a stake in the company to its two largest landlords as part of a restructuring that would also let co-founder Do Won Chang retain a share, according to people familiar with the matter.
The ailing fast-fashion retailer is in talks with mall owners Simon Property Group Inc. and Brookfield Property Partners about the proposal, which would be part of a bankruptcy filing, said the people, who asked not to be identified discussing a private matter. The negotiations could end without a deal, they said.protection as soon as this month, ideally with a restructuring plan in place, the people said.
A spokeswoman for Brookfield declined to comment on its involvement in a potential deal, and Simon and Forever 21 didn’t respond to requests for comment.The trendy retailer’s fate has become increasingly important to mall owners, which have seen former stalwarts including Payless ShoeSource Inc. and Gymboree Corp. shut more than 8,500 stores this year, according to market research firm Coresight Research Inc. That has left Forever 21, with more than 800 stores globally, as one of U.S.
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