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