Who Owns Forever 21? How Shaq Is Involved With the Fallen Fast-Fashion Retailer

There was a time when Forever 21 was the go-to stop for teens and young adults. Mall rats couldn't get enough of the former fast-fashion giant's trendy looks at incredibly reasonable prices. Alas, the retailer proved nothing is truly forever, as NBC News shared its team filed for Chapter 11 bankruptcy in for a second time. Only this time, the bankruptcy has resulted in Forever 21 being expected to permanently close all its U.S. stores.

As we mourn our youths as another one of our beloved stores closes its doors, many past and present Forever 21 shoppers wonder who at the top will be affected by its mass shutdown. So, who owns Forever 21? Here's what to know.

Forever 21 is owned by Catalyst Brands. According to Reuters, Catalyst is a merger between Sparc and JCPenney. In 2020, JCPenney was acquired by Authentic Brands and mall operator Simon Property Group and Brookfield Property Partners, which also owns Barneys New York Reebok, Vince and Hunter Boots.

Catalyst Brands was formed in January 2025. At the time, it shared its plans to start "exploring strategic options" for the company.

The declaration came after Authentic Brands' CEO, Jamie Salter, called acquiring the company his "biggest mistake." In an interview with Retail Dive, Slater said the merger didn't result in Forever 21 reaching the same financial success as its fast-fashion siblings Shein and Temu, both of which were also acquired by Authentic Brands. Forever 21 partnered with Shein in 2021, resulting in the brand's items being sold on Shein's website.

“I didn’t see Shein and I didn’t see Temu,” Salter said of the decision to buy Forever 21, which he said his board didn’t want to do. “My partner, Mr. Simon said, ‘Why are you going partners with Shein? Like, you think that’s the right decision?’ I said, ‘David, it’s the right decision. We cannot beat them. Their supply chain is too good. They know what’s going on. They’ve figured this out. We need to partner with them.'"

Well, yes. Shaq, became Authentic Brands' second-largest individual shareholder. According to Footwear News, he has held shares in the company since 2015, when the company bought the rights to the "Shaq" name and the athlete's likeness. Rather than taking the money he would've received from ABG by selling his name, Shaq opted to take 50 percent of the company instead.

"[Shaq] says, ‘You know all that money you’re going to give me?'” Salter explained to Footwear News in 2021. "I said, ‘Yeah.’ He says, ‘I’d like to invest it in ABG.’ And I said, ‘Hold on, I don’t understand. You need to explain that to me.’ He says, ‘I’m doing a deal with you to sell you 50 percent of everything I have going on for the rest of my life.

"'Do you think I trust you?’" he continued describing his and Shaq's conversation. "And I said, ‘I hope so.’ He says, ‘Why wouldn’t I be partners with you. We’re going to build this company together.’ And that’s how he became the second-largest shareholder of ABG.”

Shaq hasn't addressed Forever 21's bankruptcy filing. However, this isn't the first time the brand has been in financial turmoil.

The company, founded by Do Won and Jin Sook Chang in 1984, first filed for bankruptcy under their ownership in 2019. Amid the bankruptcy, the Changs sold to its current owners in 2020 after failing to finance a turnaround.