Consortium To Buy Forever 21 Chain Following Fashion Retailer's Bankruptcy

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NEW YORK (CBSNewYork/AP) - A court filing on Sunday says a consortium is buying the Forever 21 chain for $81 million.

The buyer is made up of two mall operators and a brand management firm. Mall owners Simon Property Group and Brookfield Property Partners are Forever 21's biggest landlords.

Forever 21, based in Los Angeles, is a privately held company founded by the Chang family. It joined a rapidly growing list of retailers that have fallen victim to rapidly changing shopping behaviors and preferences among teens who have increasingly turned away from malls in favor of online brands, or thrift stores.

Other interested parties have until Feb. 7 to provide a higher offer. If a higher bid is accepted, there's a breakup fee of $4.6 million.

The approval for the sale will face a judge on Feb. 11.

The sale includes all of Forever 21's assets, including its remaining stores - or which 178 are set to close.