The fast-fashion announced it was filing for bankruptcy in late September, joining a growing list of brick-and-mortar retail brands that have struggled in recent years with the rise of e-commerce giants and changing consumer tastes.
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MORE: Forever 21 announces stores that will close in Southern California after filing for bankruptcy
According to court documents, buyers bidding to purchase the business includes mall owners Simon Property Group and Authentic Brands Group. Simon and Brookfield are Forever 21's biggest landlords.
The other bidder is Authentic Brands Group, which has acquired the licensing rights to other troubled retailers like Barneys New York.
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"Once approved the agreement will allow Forever 21 to come out of bankruptcy, keeping its headquarters, stores and E-commerce operations open, providing fashions and trends that customers know and love for years to come," the company told ABC News in a written statement.
Other potential buyers have until this Friday to place bids for the company, its remaining stores and beauty line Riley-Rose.
Forever 21, based in Los Angeles, is a privately held company founded by the Chang family.