Sep
19
A Template — or Not? Consortium Buys Troubled Aéropostale
ByThe teen apparel company, which filed for bankruptcy this year, commanded $243 million.
Aeropostale at Promenade Mall, Thornhill, Ontario (now closed)
New York—A consortium of shopping center giants General Growth Properties and Simon Property Group, along with Authentic Brands Group, has completed its $243 million acquisition of teen apparel and accessories brand Aéropostale.
By all accounts, the transaction saved Aéropostale, which filed for bankruptcy on May 4, from being sold for its assets. As things stand now, the chain will go forward with more than 400 stores in the United States and Canada and about 300 retail doors across Latin America, Europe, the Middle East and Southeast Asia.
As of the bankruptcy filing, Simon was a landlord for about 160 Aéropostale stores and GGP was also an Aéropostale landlord. Neither company would provide additional information…
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