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Mall Group Wins Aeropostale Auction With $243.3 Million Bid

  • Simon Property, General Growth to keep 229 teen stores open
  • Lender Sycamore says deal will result in payment of debt
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A consortium led by Simon Property Group Inc. and General Growth Properties Inc. won an auction for the assets of Aeropostale Inc., with a plan to keep open at least 229 of the bankrupt teen retailer’s stores.

The bidding group will also keep the chain’s online business and licensing operation up and running, according to a statement late Thursday. The purchase price is $243.3 million plus assumption of certain debt, according to a court filing Friday.