A group including two of Forever 21 Inc.’s biggest landlords has offered to buy the bankrupt retailer for $81 million, a fraction of what the international fashion pioneer was once worth, Bloomberg News reported. The consortium of Simon Property Group Inc., Brookfield Property Partners LP and Authentic Brands Group LLC is seeking to buy substantially all of the company’s assets, according to documents filed Sunday in federal bankruptcy court. The stalking-horse bid sets a minimum price for a proposed auction later this month. If no other bidders step forward, the consortium would be declared the winner. Plans envision an auction process with a sale hearing requested for Feb. 4 and approval of the winner no later than Feb. 11. The buyers have the right to close and wind down certain stores and conduct going-out-of-business sales, according to the new filing. They’re also entitled to a $4.65 million break-up fee under some circumstances if the sale isn’t completed.
