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New York

GGP, Simon Property Group bid for Aeropostale’s stores

Bankrupt clothing retailer is auctioning off its properties

Aeropostale's store at 1515 Broadway
Aeropostale's store at 1515 Broadway

General Growth Properties and Simon Property Group teamed up to bid for “substantially all” of Aeropostale’s retail properties.

The clothing chain, which has struggled with growing competition from online retailers, filed for bankruptcy in May. Its properties are currently being auctioned off. The company disclosed the real estate investment trusts’ bid in a court filing Tuesday.

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Aeropostale operated around 800 stores prior to its bankruptcy. GGP [TRDataCustom] and Simon are planning to keep 229 open. The retailer’s shares jumped by 49 percent Wednesday morning following the disclosure of the bid.

In May, Aeropostale said it will close its Manhattan flagship store at 1515 Broadway, returning 19,000 square feet of space to landlord SL Green Realty. [Bloomberg] — Konrad Putzier

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General Growth PropertiesSimon Property Group