Forever 21 Deal Approved Despite Objections from Suppliers
Despite the objections of landlords and suppliers, a federal bankruptcy judge approved the $81 million sale of Forever 21 on Tuesday. Dozens of objections from stakeholders took issue with the sale and its process. Suppliers fear they will go unpaid for millions of dollars’ worth of merchandise. One group of overseas suppliers says it is owed about $40 million.
So far, the buying group has offered few details about their plans for Forever 21, including who will lead it after decades of being tightly controlled by its founding family.