American Apparel’s assets to be acquired after bankruptcy filing
Posted on Sunday, November 20th, 2016 at 9:42 pm
A Canadian clothing company expressed interest in acquiring some assets from American Apparel after it filed for bankruptcy a second time, an article of Winston-Salem Journal reported on November 14.
According to reports, Gildan Activewear Inc. said they will acquire $66 million worth of American Apparel’s assets. The Los Angeles-based company reportedly intended to sell their assets to Gildan in the second bankruptcy filing as the federal court is expected to auction American Apparel’s assets. Court filings revealed that only American Apparel’s intellectual property rights and its 1.5 million square foot facility will be acquired by Gildan. The possible acquisition would not include the 110 outlets of American Apparel, Gildan said. The second Chapter 11 bankruptcy filing of American Apparel came several months after they exited from a previous filing.
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