Plans envision an auction process, with a sale hearing requested for Feb 4 and approval of the winner on Feb 11, the company’s lawyers wrote. The ultimate goal is a transaction that preserves Forever 21 as a going concern, they wrote.
(Jan 31): Bankrupt retailer Forever 21 Inc has asked a bankruptcy court to approve plans to sell “substantially all” of its assets to a buyer who might keep the chain in business.
Forever 21 is in “substantial, round-the-clock negotiations” with a potential stalking-horse bidder, which would set a minimum price for the fashion chain while it continues to seek bids for alternative transactions, according to a Thursday court filing.
