Shelly Banjo, Columnist

The Mall Owners Strike Back

They can help manage the retailer's decline, along with their own.

August 31, 2016 at 6:22 PM UTC

Shelly Banjo leads the global business team for Bloomberg News in New York. A former New York bureau chief and senior tech writer, she’s covered business, finance and economics for two decades.

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Call it the revenge of the malls.

Mall operators Simon Property Group and General Growth Properties swooped in late Tuesday night with a $243 million offer to save Aerospostale, the ailing 800-store retail chain that filed for bankruptcy in May and seemed destined for liquidation. The pair is teaming up with licensing firm Authentic Brands Group and liquidators Gordon Brothers and Hilco Merchant Resources to keep 229 Aeropostale stores open.