- Reuters•2 days ago
The fight between Aeropostale and Sycamore stands out from other bankruptcy cases of U.S. teen retailers, because very few of them triggered litigation. It could also complicate any effort by Sycamore to take over the retailer. The lawsuit, expected by Friday, would follow an investigation by Aeropostale over the past several weeks into whether Sycamore drove the company into bankruptcy, in part by making the terms of its debt investment in the company in 2014 deliberately onerous.
- American City Business Journals•4 days ago
Teen apparel retailer Aéropostale, which filed for Chapter 11 bankruptcy protection in May, now says it plans to focus on potential bidders and an upcoming auction next month rather than trying to reorganize as a standalone operation. In court papers filed Friday, Aéropostale said it is focused on finding a buyer, and that although it has yet to attract a lead bidder to take over the business, it now has its gaze fixed on the coming Aug. 22 auction, reports the Wall Street Journal. The Manhattan-based retailer also said it continues to review 11,000 pages of documents and depositions of key individuals from New York private-equity firm Sycamore Partners-backed lender Aero Investors LLC, produced during a bankruptcy probe and is still assessing whether to pursue claims against the private equity firm and affiliates.
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