LOS ANGELES — With a bid of $3.5 million, Forever 21 Inc. emerged as the winner of the 14-unit Reference Clothing Co., which has been operating under Chapter 11 bankruptcy protection since Jan. 9.

On Wednesday, the 153-unit junior retailer agreed to purchase the operating assets and inventory of Reference stores, as well as assets and inventory within the company’s warehouse and distribution center here. The warehouse itself was not part of the deal.

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