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American Apparel going Canadian in $88M deal

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With sale to Canadian firm, American Apparel will be American no longer

With sale to Canadian firm, American Apparel will be American no longer*/

– With edgy marketing, an audacious founder and quality clothing sewn in Los Angeles, American Apparel was held up as a rare success story in U.S. manufacturing at a time when many in the garment industry were racing overseas.But after years of turmoil, American Apparel is selling its brand in a bankruptcy auction to Canada’s Gildan Activewear — ending its 20-year-run as one of the country’s biggest garment makers and the employer of about 3,500 factory workers in Southern California.Gildan agreed to pay $88 million to buy American Apparel’s intellectual property and some manufacturing equipment.
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American Apparel going Canadian in $88M deal

American Apparel going Canadian in $88M deal*/

– Skip in Skip x Embed x Share A Canadian apparel maker, Gildan Activewear, is buying American Apparel for about $88 million in cash.NewslookFile photo taken in 2014 shows passers-by outside an American Apparel store in the Shadyside neighborhood of Pittsburgh, Pa. (Photo: Keith Srakocic, AP)American Apparel’s ownership is on the verge of heading to the Great White North.Canada-based Gildan Activewear (GIL) on Tuesday said it has won a U.S. bankruptcy court-supervised auction for the embattled California-based fashion company with a roughly $88 million cash bid.
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American Apparel Stores To Close After Canadian Purchase

American Apparel Stores To Close After Canadian Purchase*/

– American Apparel is going Canadian.The embattled clothing company is closing all of its retail stores and Los Angeles headquarters after its purchase last week by Montreal-based company Gildan Activewear, The Los Angeles Times reported.All 110 American Apparel stores will close by the end of April, with as many as 3,400 employees expected to lose their jobs.
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