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Aeropostale Auction Won by Simon Property, General Growth Group

A consortium led by Simon Property Group Inc. and General Growth Properties Inc. won an auction for the assets of Aeropostale Inc., with a plan to keep open 229 of the the bankrupt teen retailer’s stores.

The bidding group will also keep the chain’s online business and licensing operation up and running, according to a statement late Thursday. A Manhattan bankruptcy judge must still approve the deal after reviewing the terms and any objections. A hearing on the matter has...