Aéropostale Wins Approval of $243M Sale to Mall Group

Teen clothing retailer Aéropostale Inc. won court permission to sell its assets to buyers led by Simon Property Group Inc. and General Growth Properties Inc. after the landlords banded together with liquidators to save jobs and stores—a novel approach that lawyers said could be a model for distressed retailers.

The group prevailed at a Sept. 2 auction with a $243 million bid and a plan to keep open at least 229 stores. U.S. Bankruptcy Judge Sean Lane approved the sale in Manhattan court Monday after being told by the retailer’s lawyers that the arrangement would save at least 7,000 jobs.