New York—Last month, Aeropostale Inc. saw its stock take a hit after reporting that it swung into a second quarter loss and sales fell 6%. Today, the troubled teen retailer saw its shares jump as much as 19% upon news that a private equity firm Sycamore Partners took a $54 million stake in Aeropostale.
Through its affiliate, Hummingbird LLC Sycamore bought 6.25 million shares, an 8% stake, between August 23 to Sept. 11 which Sycamore called “an attractive investment.”
While Sycamore declines to comment further about the investment, its stake raises the possibility that Sycamore might take the retailer private.
“We believe Hummingbird will attempt to take the company private,” Stifel Nicolaus analyst Richard Jaffe said in a research note.
In August, Aeropostale forecast another difficult third quarter due to “a highly promotional and competitive teen retail environment.” The retailer plans to close 30 to 40 stores this year, up from its previous estimate to close 15 to 20 stores.
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