Gildan Activewear Is Buying American Apparel

The Canadian firm’s purchase of the embattled brand is expected to be made official later this week.

Fashion
5,433 Hypes 0 Comments

After placing a $66 million USD bid for the company back in November, Gildan Activewear has officially won the auction for American Apparel.

The Canadian firm ultimately had to increase its initial offer by $22 million USD in order to secure the rights to the embattled American imprint for $88 million USD. Though a bankruptcy court judge in Delaware still has to approve the sale, Gildan is expected to official acquire the brand later this week.

Gildan is expected to keep some of American Apparel’s Los Angeles-based manufacturing, distribution and warehouse operations intact, though it remains to be seen what will happen to AA’s retail business: Gildan is not taking over the retail business itself or American Apparel’s remaining brick and mortar locations. While Amazon and Forever 21 were reported to be interested in the stores, it doesn’t appear that either company followed through with a bid to acquire them.

The move marks just the latest entry in American Apparel’s tumultuous past couple of years, which saw it fire founder and CEO Dov Charney back in 2014 before officially filing for bankruptcy in 2015.

Read Full Article
Source
WWD
More

What to Read Next

Sony Is Dropping a "Glacier White" PlayStation 4 Slim
Tech

Sony Is Dropping a "Glacier White" PlayStation 4 Slim

A new look for the PS4.

adidas Consortium's Highly Anticipated Sneaker Exchange Kicks off With the Tag Team of colette x UNDEFEATED
Footwear

adidas Consortium's Highly Anticipated Sneaker Exchange Kicks off With the Tag Team of colette x UNDEFEATED

From LA to Paris.

The Latest NEIGHBORHOOD x BAPE Capsule Offers Monochromatic Essentials
Fashion

The Latest NEIGHBORHOOD x BAPE Capsule Offers Monochromatic Essentials

The “brotherhood” bands together once again.


London Fashion Week Men's 2017 Fall/Winter: What You Missed on Day Four
Fashion  

London Fashion Week Men's 2017 Fall/Winter: What You Missed on Day Four

British heavyweights and overseas intrigue.

FIFA Approves Infantino's Plan to Expand World Cup to 48 Teams
Sports

FIFA Approves Infantino's Plan to Expand World Cup to 48 Teams

Starting from 2026.

An Inside Look at Kasina's adidas Concept Store, DAS107
Design

An Inside Look at Kasina's adidas Concept Store, DAS107

Located in Hongdae, Seoul.

More ▾