A consortium comprising Authentic Brands Group (ABG), General Growth Properties (GGP) and Simon Property Group (SPG) have finalised the acquisition of Aéropostale.

ABG owns a global portfolio of fashion, sports and entertainment brands, while GGP and SPG are retail real estate companies.

Aéropostale is specialty retailer of casual apparel and accessories, with a focus on young women, men and children.

“This consortium brings a new approach to brand development and Aéropostale brings another facet to ABG’s fashion portfolio."

Simon Property Group chairman and CEO David Simon said: “We are encouraged by the tremendous amount of support we have received from employees, vendors and other landlords.”

The Aéropostale brand will continue to be available at 700 retail outlets.

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ABG chairman and CEO Jamie Salter said: “This consortium brings a new approach to brand development and Aéropostale brings another facet to ABG’s fashion portfolio.

“The purchase of Aéropostale propels the retail revenue driven by ABG’s brands to over $4.5bn in retail sales worldwide.

“We look forward to working closely with our new partners, General Growth Properties and Simon Property Group, to continue to grow the Aéropostale brand on a global scale.”

The brand is present in nearly 400 stores across the US and Canada, as well as approximately 300 stores across Latin America, Europe, the Middle East and South East Asia.

GGP CEO Sandeep Mathrani said: “Aéropostale has significant brand equity and the go-forward portfolio of stores generates more than $1bn in global retail sales, over $800m of which is from the US.

“The entity is financially secure and well-capitalised, and we are very pleased that thousands of jobs will be preserved.”