September 15, 2016
Authentic Brands Group (ABG), General Growth Properties (GGP) and Simon Property Group (SPG) have closed on the acquisition of apparel and accessories brand, Aéropostale. The group recently received approval from the Manhattan bankruptcy court to acquire the brand for a going-concern price of $243.3 million.
The group plans to keep approximately 300 stores open, saving more than 5,000 jobs. GGP and SPG will operate the stores, while ABG will take control and ownership of the company’s intellectual property assets. The consortium also includes Gordon Brothers Group and Hilco Merchant Resources, which will dispose of assets and store locations ABG doesn’t want.
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