Tuesday, August 30, 2016

Aeropostale facing liquidation after losing Versa lifeline

http://www.retaildive.com/user_media/cache/ba/67/ba67bdebf384729dc3ab541672275214.jpgBankrupt Aeropostale lost its best remaining chance at a lifeline when a U.S. bankruptcy judge ruled Friday that private equity firm Sycamore Partners could use the $150 million it’s owed by the teen apparel retailer to bid at its bankruptcy auction, according to news reports.

Sycamore Partners and liquidators submitted their bids for Aeropostale last week, while investment firm Versa Capital Management — which was reportedly preparing a “stalking horse” bid that could have saved some 500 Aeropostale stores — did not, Reuters reported over the weekend. . . . more

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