Forever 21 has been bought out of bankruptcy in a deal worth over $81 million and its new owners plan to keep the brand alive.

Authentic Brands Group, Simon Property Group and Brookfield Property Partners are jointly acquiring the retailer, which filed for bankruptcy protection in September, according to NPR. Authentic Brands owns retail brands including Aeropostale and Nine West while Simon and Brookfield are both real estate firms whose holdings include numerous malls, outlet centers and other retail properties.

Forever 21 currently has 593 stores worldwide. It has a major presence in many U.S. malls, including Destiny USA in Syracuse and other properties owned by Syracuse-based Pyramid Management Group.

The sale to the new owners closed Wednesday.

When Forever 21 first filed for bankruptcy, it said it would close up to 178 U.S. stores along with stores in Asia and Europe. The new owners now want to grow in Europe, Asia, the Middle East, South America and elsewhere, NPR said.

Destiny USAs Forever 21 and several others stores in New York appeared on a list of possible closures the chain released in the fall after filing for bankruptcy. The company didnt necessarily expect to close all the stores on that list and was trying to negotiate new leases and rents.

But the list did represent the chain's least profitable locations.

The Destiny location remains open. It previously underwent a major renovation that dropped its footprint from two levels in the mall to one.

Most remaining U.S. Forever 21 stores will stay open under the new ownership, according to the BBC. The chain is now seeking a new CEO and plans to launch new lines of jewelry, footwear and handbags.

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New lease on life for Forever 21 with acquisition out of bankruptcy - syracuse.com