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Shelly Banjo

The Mall Owners Strike Back

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

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.