January 10, 2017
Gildan Activewear Inc., Montreal, has won a bankruptcy auction for apparel manufacturer and retailer American Apparel, Los Angeles, after raising its offer to about $88 million from a previously reported $66 million, according to multiple media reports.
Gildan will not take any of American Apparel’s 110 stores, but will own its brand and assume some of its manufacturing operations, including some manufacturing plants in southern California that employ about 3,500 employees, according to Reuters.
The deal is subject to a bankruptcy judge’s approval later this week.
The auction also reportedly attracted offers from Gardena, Calif.-based Next Level Apparel; e-commerce giant Amazon.com Inc; retailer Forever 21 Inc.; and brand licensor Authentic Brands Group LLC, New York. — J.L.
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