Mall Owners Place Bid to Save Aeropostale

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Several bidders including two large U.S. mall owners, Simon Property Group and General Growth Properties have placed a bid for Aeropostale assets that would allow the apparel chain to remain alive in a reduced footprint of 229 stores.

Fortune reported that the offer was for $243.3 million. Aeropostale has struggled to grow sales as the younger generation of shoppers has turned to fast-fashion stores like Forever 21, H&M and others that avoid the logos and turn their assortment around quicker.

[Related: Aeropostale Files for Bankruptcy, Closing 113 U.S. Stores]

In May, Aeropostale filed for bankruptcy with an initial store closure of 113 locations in the U.S. and 41 in Canada.

Other bids were made by Authentic Brands and liquidators Gordon Brothers Retail Partners and Hilco Merchant Resources, Fortune reported.

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