LESS ADO ABOUT ARO: Aéropostale Inc. might have gained some of its equilibrium in the fourth quarter, with expectations for its loss lower — and its sales higher — than previously anticipated. The elevated guidance, issued on Feb. 9, helped lift its stock 16.7 percent to 43.08 the next day, and may have convinced two large investors that it was time to cut their losses.

This week, two former 5-percent holders, Tiger Consumer Management and Eminence Capital, filed paperwork with the Securities and Exchange Commission that they had sold all their shares of the teen retailer. Both became 5 percent owners in 2013, when shares were selling at over $9 and the challenges facing the company seemed modest by comparison. When last reported before the sell-offs, Tiger own 8.2 percent of ARO and Eminence 5.4 percent.

Eminence, founded and headed by Ricky Sandler, is an activist hedge fund that was The Men’s Wearhouse Inc.’s biggest shareholder, with a 9.9 percent stake. With a 4.9 percent stake in Jos. A. Bank Clothiers, it helped apply pressure that ultimately led to Men’s Wearhouse’s acquisition of Bank.

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