Aeropostale has hired Barclays Capital as a strategic adviser to help it fend off any potential offers by private equity firms, Reuters reported, citing a story in the New York Post. Although it hit a rough patch recently, with declining sales, the teen clothing retailer’s management wants the company to remain public, the New York Post reported. Aeropostale operates 885 stores across the U.S.
(Reuters) – U.S. teen clothing retailer Aeropostale Inc has hired Barclays Capital as a strategic adviser to shore up its takeover defenses in the event it got an approach from private equity firms, the New York Post reported, citing a person close to the situation.
“Management is in this for the long haul, and they want the company to stay public,” the person told The Post.
Long a high-flyer among teen retailers — with fickle customers clamoring for ever-changing fashions — Aeropostale has recently hit a rough patch, evidenced by a 1 percent decline in November same-store sales after a 2 percent decline in October.
Aeropostale, which operates 885 stores in 49 states, was not available to comment. (Reporting by Sakthi Prasad in Bangalore; Editing by Dan Lalor)