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We all knew it was coming—last week American Apparel’s UK stores filed for bankruptcy protection and this week its US parent company is following suit.
American Apparel’s bankruptcy filing comes less than a year after exiting its first bankruptcy, and this time the company has agreed to sell its brand to Canadian T-shirt maker Gildan Activewear for $66M, Bloomberg reports. The Montreal-based firm says it’s not buying any stores.
Gildan hopes to complete the purchase in Q1 2017, although the bankruptcy court may force American Apparel to hold an auction for the brand. If that happens. Gildan’s purchase is conditional on it winning the auction. [Bloomberg]
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