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87 US Forever 21 stores slated for possible closure at REIT properties

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87 US Forever 21 stores slated for possible closure at REIT properties

Real estate investment trusts own 87 properties at which Forever 21 Inc., which recently filed for bankruptcy protection, may shutter stores.

The teen-focused retailer identified 178 underperforming U.S. stores in an Oct. 1 bankruptcy filing that could be targeted for closure, though the company said it does not anticipate closing all stores on the list. As it negotiates rent concessions and other operational improvements with landlords, it could remove certain properties from the list.

Paris-based landlord Unibail-Rodamco-Westfield has the largest exposure to the Forever 21 stores that may be closed, with 18 locations. Regional mall landlords Macerich Co. and Taubman Centers Inc. followed, owning 15 and 10 properties, respectively, with a store that could close.

Washington Prime Group Inc. and Brookfield Property REIT Inc. each have eight properties where a Forever 21 store may close, CBL Properties has six, Pennsylvania Real Estate Investment Trust has five and Simon Property Group Inc. has one property.

Outlet center-focused Tanger Factory Outlet Centers Inc. is exposed to nine stores on the list.

Forever 21 expects closing stores to be vacated by year-end.

Simon and Brookfield Property Partners LP have been reported to be in talks to acquire a stake in Forever 21.

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