Aéropostale is a mall-based specialty apparel retailer focused on the teen market. It operates over 650 locations throughout the U.S., an ecommerce site as well as an international licensing division.
As a result of a dispute with a key vendor and the difficult retail environment especially in the teen space, the Company sought Chapter 11 bankruptcy protection in order to restructure/reorganize its operations.
Crystal provided a $160.0MM DIP facility that provided incremental liquidity from the pre-petition structure. This capital allowed the Company to continue its operations throughout the bankruptcy case and evaluate various reorganization and/or sale options.