US fast fashion retailer Forever 21 has been given the green light by a bankruptcy judge to be subsumed by two of its largest landlords.
Simon Property Group and Brookfield Property Partners have partnered with licensing specialist Authentic Brands to buy the chain out of bankruptcy for around $80m (£61.6m) The Times reports.
The new owners have agreed to assume some of the retailer’s liabilities.
Damian Webb and Allan Kelly of RSM Restructuring Advisory LLP were appointed as joint administrators of Forever 21 UK Ltd on 30 September, after the parent company in the US filed for Chapter 11 bankruptcy.
Forever 21’s three UK stores located in London, Liverpool and Birmingham, were announced for closure at the start of the year.