“We are excited to reopen more than 500 doors across the US. Our store associates are thrilled for the new Aéropostale and look forward to welcoming new and returning customers into the store,” said Marc Miller, CEO of Aéropostale.
Aéropostale had voluntarily filed petitions under Chapter 11 of the US Bankruptcy Code in New York in May last year. It expected to use the Chapter 11 process to optimise its store footprint, access additional tools to shed or renegotiate burdensome contracts, resolve its ongoing disputes with Sycamore Partners and achieve long-term financial stability.
In September 2016, Authentic Brands Group (ABG) finalised the acquisition of Aéropostale in partnership with General Growth Properties (GGP) and Simon Property Group (SPG). (KD)
ALCHEMPro News Desk – India
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