American Apparel Files for Bankruptcy
The ever trendy American Apparel has filed bankruptcy for the second time in little over a year. With this bankruptcy, American Apparel has agreed to sell its brand to a Canadian firm, Gildan Activewear for $66 million. Gildan has no interest in the brand’s retail stores, only in its manufacturing, distribution and warehouse channels. American Apparel’s claim to fame that their clothing is “Made in America.” This probably led to the bankruptcy of the company, which mainly manufactures their clothing in California, where it is very expensive. If you are an American Apparel lover, you might want to stock up before the merger and Gildan possibly kills the brand.
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