Bankruptcy Law News

Judge to Approve Forever 21 Sale That Ends Founders’ Control (1)

Feb. 12, 2020, 4:32 PM

Forever 21 Inc. is moving out of its parents’ house.

U.S. Bankruptcy Judge Kevin Gross on Tuesday said in a hearing that he would approve the sale of the retailer to its two largest landlords -- Simon Property Group Inc. and Brookfield Property Partners LP -- and Authentic Brands Group LLC, marking the end of control by the Chang family.

Forever 21 was a creation of its founders, Korean immigrants who built the Los Angeles-based chain into an international empire, but it fell into trouble after failing to keep up with consumers’ tastes, among other problems.

The new owners...

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