Consortium’s Bid Of $243.3M Prevails For Aeropostale by PitchBook
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.
Many of the most well-known hedge fund managers in the world engage in philanthropy, and in doing so, they often reveal their favorite hedge funds through a review of their foundation's public filings. Bill Ackman's Pershing Square Foundation invested in several hedge funds during the fiscal years that ended in September 2019 and September 2020.
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.