Some Aéropostale Stores to Stay Open

Aéropostale (New York) was up for auction last week, and a consortium led by Simon Property Group Inc. (Indianapolis) and General Growth Properties Inc. (Chicago) was the highest bidder with a purchase price of $243.3 million. The purchase price also includes the assumption of some of the retailer’s debts.

The companies plan to keep at least 229 of the retailer’s stores open, as well as its online business and licensing operation, reports Fortune. The retailer currently operates more than 800 stores.

A bankruptcy judge must approve the deal, so, a hearing has been set for Sept. 12 to go over those matters.