The company, which is also backed by private equity firm Sycamore Partners, has seen its shares slide 63 per cent over the past three years and 40 per cent in the past six months.
“We believe that stockholders have suffered enough under the current board and are entitled to a process that will maximize stockholder value,” Crescendo said in a statement.
“We believe that numerous potential buyers will be interested in acquiring Aéropostale due to its strong brand name, discount to intrinsic value and opportunity to return to historical profitability.”
It also said that retail turnarounds are difficult to perform for public companies and are associates with “a fair amount of execution risk.”
Last month it was reported that Sycamore could make a buyout offer for Aéropostale at a significant premium to its current market value.
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