Struggling teen retailer Aeropostale is in talks to sell itself to a private equity firm, a move that could save the chain and keep stores open.
The potential buyer is Versa Capital Management, but the amount is undisclosed. The offer could set the opening price point for future bids; Aeropostale has a bankruptcy auction scheduled for later this month.
This is just the latest twist in Aeropostale's quest to stave off liquidation. The retailer filed for Chapter 11 protection in May and promptly closed more than 150 stores. The company has been battling Sycamore Partners, a key investor, for interfering with shipments and lines of credit, going so far as to claim that Sycamore helped push it into bankruptcy.
- see this Fortune story