Reversing course, Authentic Brands Group, owner of over 30 retail properties including Aeropostale, Forever 21, Fredericks of Hollywood and Barney’s New York, is selling significant equity stakes to CVC Capital Partners and HPS Investment Partners instead of pursuing an IPO.
Barneys New York
Forever 21 has struck an $81 million deal to sell its assets to a group of mall owners and management operations, including Simon Property Group, Brookfield Properties and brand development/marketing venture Authentic Brands Group. It includes all of Forever 21’s assets and must be approved by a bankruptcy court judge.
Luxury retailer Barneys is filing for bankruptcy and closing 15 stores, but will keep a number of doors in major markets open, including its flagship Madison Avenue location even though the rent nearly doubled.