Aeropostale posts wider quarterly loss, signs deal with Sycamore
March 13 (Reuters) - Teen apparel retailer Aeropostale Inc reported its fifth straight quarterly loss, hurt by a 15 percent fall in same-store sales, and said it entered into a deal with private equity firm Sycamore Partners for a 5 percent stake.
Aeropostale shares fell 7 percent in extended trading on Thursday.
Sycamore will provide a $150 million loan to the company, in exchange for the right to acquire up to 5 percent of its shares at $7.25, the stock's closing price on the New York Stock Exchange on Wednesday, Aeropostale said.
Stefan Kaluzny, a managing director at Sycamore, will join Aeropostale's board.
The company reported a net loss of $70.3 million, or 90 cents per share, in the fourth quarter ended Feb. 1, wider than a loss of $671,000, or 1 cent per share, a year earlier.
Excluding items, it posted a loss of 35 cents per share.
Sales fell 16 percent to $670 million in the fourth quarter.