A bankruptcy judge on Tuesday said he would approve the sale of Forever 21 to its two largest landlords.
Nearly a decade ago, before Instagram influencers existed, Forever 21 helped teen girls dress like their favorite celebrities, for cheap., Forever 21’s investment banker and a managing director at Lazard Ltd., said at the hearing.
Another unidentified potential buyer was trying to pull together a bid for the retailer as recently as last weekend but was unable to secure the necessary financing, Cowan said. The company’s advisors said at the hearing that a rapid decline in cash made a fast sale process necessary, but some creditors expressed concern about the pace.Had the court given the other buyer even a few more days to secure financing, “there may have been a true auction” that could have paid some post-petition claims, a group of vendors from Hong Kong, mainland China and Korea said in an objection filed Tuesday.
Court papers show the buyers have the right to close stores, and it wasn’t immediately clear how many would remain open. TheAhead of the bankruptcy, the founders’ insistence onhad spooked potential buyers and lenders, Bloomberg has previously reported. During the court-supervised reorganization, several potential buyers looked into making bids to keep all or part of the retailer going. None except the landlord group ultimately showed up, leading to the suspension of an auction scheduled Monday.
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