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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Brookfield Property Partners L.P.    BPY   BMG162491077

BROOKFIELD PROPERTY PARTNERS L.P.

(BPY)
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Brookfield Property Partners L P : Forever 21 snapped up by mall owners, Authentic Brands

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02/20/2020 | 12:39am EDT
Shoppers enter a Forever 21 fashion retail store at the King of Prussia mall in King of Prussia, Pennsylvania

Forever 21 has a new lease on life after Simon Property Group Inc, Brookfield Property Partners LP and Authentic Brands Group agreed to acquire the bankrupt teen fashion retailer.

Brand management company Authentic Brands said on Wednesday it and mall owner Simon Property would own 37.5% each of the retailer, while Brookfield Property would buy 25% of the intellectual property and operating businesses.

Financial terms of the deal were not disclosed.

Forever 21, which has 593 stores in 57 countries, will continue to operate in U.S. and international markets, Authentic Brands said.

Forever 21 filed for Chapter 11 bankruptcy protection in September, making it another victim of the rising popularity of online shopping and changing fashion trends dictated by millennial shoppers.

The retailer's current, owned store operations in Central America, South America, Mexico, the Philippines, and the Caribbean would be converted to a licensed partnership model.

The new owners are also working with existing and new partners to expand Forever 21 across key territories, including South America, China, the Middle East and India, Authentic Brands said.

(This story corrects paragraph 4 to say Forever 21 has "593" stores and not "815")

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Anil D'Silva)

Stocks mentioned in the article
ChangeLast1st jan.
BROOKFIELD PROPERTY PARTNERS L.P. -6.42% 8.75 Delayed Quote.-52.13%
SIMON PROPERTY GROUP, INC -6.33% 58.17 Delayed Quote.-60.95%
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Financials (USD)
Sales 2020 6 741 M
EBIT 2020 -
Net income 2020 -
Debt 2020 -
Yield 2020 15,2%
P/E ratio 2020 -
P/E ratio 2021 -
Capi. / Sales2020 0,57x
Capi. / Sales2021 0,52x
Capitalization 3 855 M
Chart BROOKFIELD PROPERTY PARTNERS L.P.
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Technical analysis trends BROOKFIELD PROPERTY PARTNE
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 18,58  $
Last Close Price 8,75  $
Spread / Highest target 151%
Spread / Average Target 112%
Spread / Lowest Target 14,3%
EPS Revisions
Managers
NameTitle
Brian William Kingston Chief Executive Officer
Richard Byron Clark Chairman
Bryan Kenneth Davis Chief Financial Officer
Omar Carneiro da Cunha Sobrinho Independent Director
Stephen DeNardo Independent Director