Aeropostale to close all 41 Canadian stores as it seeks bankruptcy protection

, Economic

Aeropostale expects to emerge from bankruptcy protection within 6 months as a smaller company after renegotiating contracts and resolving a dispute with a major shareholder.

NEW YORK — Aeropostale, once the vibrant epicenter of the U.S. mall scene, is seeking Chapter 11 bankruptcy protection.

The New York company said Wednesday that it is closing 113 of its 739 U.S. stores and all 41 locations in Canada. Going-out-of-business sales at those U.S. stores will begin this weekend.

Aeropostale expects to emerge from bankruptcy protection within six months as a smaller company after renegotiating contracts and resolving an ongoing dispute with the investment firm Sycamore Partners, a major shareholder that pushed through changes in company leadership.

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