A consortium of investors have won a bankruptcy auction for Aeropostale with a $243.3 million bid, according to Reuters. The deal could keep 229 stores open for the embattled US teen apparel retailer. The consortium includes licensing firm Authentic Brands Group, and mall operators Simon Property and General Growth Properties. The deal will be reviewed by a bankruptcy judge on September 12.
Completion of the auction would allow PE firm Sycamore Partners to be repaid on the debt it is owed by Aeropostale. Sycamore and the company entered into a strategic partnership in March 2014, which included a $150 million senior secured credit facility.