71
Fashion Jobs
L'OREAL GROUP
Multi-Brand Education Manager
Permanent · JOHANNESBURG
L'OREAL GROUP
E-Commerce Manager
Permanent · JOHANNESBURG
BEIERSDORF
Brand Manager
Permanent · DURBAN
G-STAR
Key Account Manager
Permanent · CAPE TOWN
ESTÉE LAUDER COMPANIES
Marketing & Sales Operations Manager (Sub Saharan Africa)
Permanent · JOHANNESBURG
ESTÉE LAUDER COMPANIES
Marketing & Sales Operations Manager (Sub Saharan Africa)
Permanent · JOHANNESBURG
PUMA
Payroll Administrator
Permanent · CAPE TOWN
ADIDAS
Senior Manager Sales: Shoe Channel - em South
Permanent · CAPE TOWN
ADIDAS
Senior HR Business Partner (6-Months Maternity Cover)
Permanent · CAPE TOWN
L'OREAL GROUP
Product Manager
Permanent · JOHANNESBURG
TREK
Country Manager
Permanent · SANDTON
L'OREAL GROUP
E-Commerce Key Account Manager
Permanent · JOHANNESBURG
BEIERSDORF
Precision Marketing & Audience Specialist
Permanent · DURBAN
CLINIQUE
Clinique - Roamer - Edgars Eastgate, Gauteng - 40 Hours - Full-Time - Permanent
Permanent · JOHANNESBURG
PANDORA
Sales Assistant Ppt 96 Hours Balito
Permanent · DURBAN
L'OREAL GROUP
Data Analyst
Permanent · JOHANNESBURG
HTNK
High-End Fashion/Denim Designer
Permanent · JOHANNESBURG
H&M
Talent Acquisition Specialist
Permanent · CAPE TOWN
ADIDAS
Specialist Franchise Excellence - Ems Africa Export
Permanent · CAPE TOWN
LOVISA
Full Time Team Member | v&a Waterfront, Cape Town
Permanent · CAPE TOWN
LOVISA
Store Manager | v&a Waterfront, Cape Town
Permanent · CAPE TOWN
PANDORA
Sales Assistant Pavillion
Permanent · WESTVILLE
By
AFP
Published
Feb 3, 2020
Reading time
2 minutes
Download
Download the article
Print
Text size

Forever 21 signs deal to sell assets for $81 million

By
AFP
Published
Feb 3, 2020

American fashion retailer Forever 21which declared bankruptcy in September of last year, has reached an agreement with a consortium of companies to sell its assets for $81 million. 


Forever 21 filed for Chapter 11 bankruptcy in September 2019 - Photo: AFP - Forever 21


Signed on Sunday and made public on Monday, the deal involves an agreement between Forever 21 and a consortium made up of mall owners Simon Property Group and Brookfield, as well as brand management company Authentic Brands Group, owner of brands including Juicy Couture, Nautica, Vince Camuto and – as of November of last year – Barneys New York. 

Other potential buyers have until Friday to make a counter offer. If any further bids are made, an auction will be held next week. 

A judge will then have to approve Forever 21's sale.

Founded in Los Angeles by South Korean couple Do Won and Jin Sook Chang in 1984, Forever 21 made its name in the U.S. and abroad by offering its young customers clothing similar to that being sold by big-name brands at much lower prices. 

Facing stiff competition from the likes of H&M and Zara, the retailer expanded into menswear and footwear following the 2008 financial crisis. According to analysts, however, the chain did not react quickly enough to the accelerating popularity of online shopping or to the demands of customers increasingly concerned about the environmental impact of the products they buy and the work conditions in the factories that they come from. 

Last September the company filed for Chapter 11 bankruptcy, which allows companies to keep control of their assets as they work towards restructuring. 

Copyright © 2024 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.