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When it comes to fast fashion, Forever 21 has been a staple in the turn-around fashion community. Providing years of fashion inspiration and trends for the direct-to-consumer market. Authentic Brands Group made the official announcement that it has offiaclly acquired the turnaround fashion retailer known as Forever 21.

Authentic Brands will consume 37.5% ownership in all of Forever 21’s intellectual property and operations. As for the remaining percentage will divide amongst its partners Simon Property Group and Brookfield Property Partners who will hold 37.5% and 25%, respectively. “The real purchase price is around $300 million USD,” Authentic Brands founder and CEO Jamie Salter said to WWD. “It’s an operating business so we’re getting working capital from it.” The three companies collaboratively put in an initial bid of $81.1 million which was in addition to $73 million to covers additional liabilities and/or losses of Forever 21 which included the retailers rent for the month of February, pending purchase orders with vendors, and recent manufactured goods.