LONDON, United States — Aéropostale Inc., the bankrupt teen clothing chain, says a joint venture including General Growth Properties Inc. and Simon Property Group Inc. has bid for "substantially all" its assets with an eye toward keeping at least 229 stores open.

The so-called going concern bid would also cover expenses including Aéropostale’s bankruptcy financing, the company said in a filing late Tuesday in Manhattan federal court. The amount of the bid was not disclosed. The auction, which has been going all week, will continue Wednesday, according to the filing.

New York-based Aéropostale filed for Chapter 11 protection in May, joining other mall-based retailers that have struggled to compete with big-box chains, online merchants and “fast fashion” rivals.

The company, which had about 800 locations in the US and Canada before it filed, also accused lender Sycamore Partners of using a supplier it controlled to steer the chain into bankruptcy and buy it on the cheap. Last week, the bankruptcy judge shot down that contention and said Sycamore could take part in the auction, bidding with about $150 million in debt it is owed in lieu of putting up cash.

The bid announced Tuesday also comes with a backup plan: If it isn’t chosen as the “best and highest” offer, joint venture members Hilco Merchant Resources LLC, Gordon Brothers Retail Partners LLC and Authentic Brands Group will bid on the chain’s merchandise and intellectual property.

Aéropostale shares jumped as much as 49 percent Wednesday morning.

The case is In re Aéropostale Inc., 16-11275, US Bankruptcy Court, Southern District of New York (Manhattan).

By Steven Church and Lauren Coleman-Lochner; editors: Andrew Dunn and Kevin Orland.