It was the last minute rescue plan that few in the industry saw coming. Simon Property Group and General Growth Properties joined a consortium of other retail industry players to place a winning bid for the assets of bankrupt teen apparel chain Aeropostale, bringing the retailer back from the edge of an expected collapse.
New York-based company was facing liquidation early last week after a
U.S. bankruptcy court ruled that private equity firm and Aeropostale
creditor Sycamore Partners could use $150 million that the retailer owed
it to bid for the company at auction. Simon and GGP combined resources
with a group of seasoned retailing groups to submit a $234.2-million
winning bid for the company last Thursday.. . . more