By  on November 20, 2013

Aéropostale Inc. has a new investor that just might be looking to shake things up at the struggling teen retailer.

Hirzel Capital Management LLC, a Dallas-based investment fund led by Zac Hirzel, said in a Securities and Exchange Commission filing Tuesday that it had invested $44.6 million to acquire about 4.8 million of the retailer’ shares, or about 6 percent of those outstanding.

Last week, Hirzel filed a separate and slightly different form with the SEC indicating that it held a 5.2 percent stake, or about 4.5 million shares.

The latter filing, a Form SC 13D, is for investors taking an “active” stake in a firm and is more detailed. In it, Hirzel said it believed the retailer’s shares are “undervalued and represented an attractive investment opportunity.” Hirzel intends to “have discussions with management based on that belief.”

Tuesday’s filing indicated that the fund didn’t invest in Aéropostale with the intent of acquiring or effecting a change in control in the firm.

The earlier filing, a Form SC 13G, is for holders of “passive” investments in a company. Calls to Hirzel weren’t returned at press time Tuesday.

Shares of Aéropostale Tuesday logged the largest increase among fashion, retail and beauty stocks tracked by WWD, rising 3.9 percent to $9.51.

The company reports third-quarter results on Dec. 4. In the first half of the year, it amassed a net loss of $45.9 million as its sales declined 7.8 percent to $906.3 million.

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