Last week, a consortium of retail operators finalised the acquisition of Aeropostale, in a deal understood to be valued at around US$243.3m

Last week, a consortium of retail operators finalised the acquisition of Aeropostale, in a deal understood to be valued at around US$243.3m

Bankrupt US teen apparel retailer Aeropostale, which expected to shutter all of its 720 US stores, will now keep 400 open thanks to an "11th-hour" deal with several mall owners.

A bankruptcy court judge agreed to a plan that would have saved 229 stores on 12 September, but on 15 September an undisclosed number of mall operators agreed to cut the rents for another 171 stores, according to an article published by the New York Post.

Now, the rent cut has enabled the 171 stores to remain open, saving around 5,300 jobs, says the report.

Last week, a consortium of retail operators finalised the acquisition of Aeropostale, in a deal understood to be valued at around US$243.3m.

Consortium completes Aeropostale acquisition

The successful bid was made at an auction for the retail group's assets on 1 September by Authentic Brands Group (ABG), General Growth Properties, Simon Property Group, Hilco Merchant Resources and Gordon Brothers Retail Partners.

Aeropostale bankruptcy auction won by $243.3m bid

According to Jamie Salter, chairman and chief executive officer at ABG, the purchase of Aeropostale propels the retail revenue driven by ABG's brands to over US$4.5bn in retail sales worldwide.

The consortium will also take control of the firm's e-commerce and international licensing businesses.