EDISON, NJ–An alliance led by General Growth Properties Inc. and another mall owner, Simon Property Group Inc., won an auction on August 30 for the assets of ailing teen apparel retailer Aeropostale Inc., saving it from bankruptcy liquidation.
The price is $243.3 million and the consortium will keep 229 of the 800 Aeropostale stores in the chain, or nearly 30%, open for business.