Aéropostale Acquisition Finalized, 170 Stores Saved
Authentic Brands Group, General Growth Properties and Simon Property Group finalized their acquisition of Aéropostale for $243.3M, and they managed to keep open around 170 more US stores than expected.
Aéropostale will survive its bankruptcy and acquisition with more than 700 locations globally—400 in the US and Canada, and 300 spread across Latin America, Europe, the Middle East and Southeast Asia, CoStar reports.
"Aéropostale has significant brand equity and the go-forward portfolio of stores generates more than $1B in global retail sales, over $800M of which is from the US,” said CEO of GGP Sandeep Mathrani. “The entity is financially secure and well capitalized and we are very pleased that thousands of jobs will be preserved.”
The exact stores that will remain open have not yet been disclosed. [CoStar]