Forever 21 has emerged from bankruptcy with the help of Authentic Brands Group, Simon Property Group (SPG), and Brookfield Property Partners (BPY).

The three firms purchased the bankrupt retailer in a deal that gives 37.5% ownership each to Authentic Brands and Simon Property. Brookfield Property owns a 25% share in the company. Terms of the transaction were not disclosed. 

Authentic Brands, the recent buyer of Barneys New York, will add Forever 21 to its diverse portfolio of brands, bring its total global annual revenue to $12.5 billion. The company said it will leverage its marketing expertise to appeal to Gen Z customers with new and creative digital campaigns.

“Forever 21 is a powerful retail brand with incredible consumer reach and a wealth of untapped potential,” Jamie Salter, founder, chairman, and CEO of Authentic Brands Group said in a statement.

"We're looking forward to working with the F21 team and our global partners. Together, we'll revitalize the brand's core business and connect with audiences around the world through new product offerings and experiences.”

The companies said they expect Forever 21 to continue to operate its stores in the U.S. and international territories. Stores located in Central America, South America, Mexico, the Philippines, and the Caribbean will convert to a licensed partnership model.

Negotiations on leases will commence with current landlords, and expansion plans are in place for the regions of South America, Western and Eastern Europe, China, Southeast Asia, the Middle East, and India. Headquarters for the retailer will remain in Los Angeles.

Forever 21 has 593 stores in 57 countries. The company filed for bankruptcy in September 2019.

Shares of Simon Property Group were up 2.14% as of 1:00 p.m. EST on Thursday while shares of Brookfield Property Partners were up 0.65% at the same time. 

Forever 21 A Forever 21 store is pictured on August 8, 2014 in Chicago, Illinois. Photo: Getty Images