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.
The Fayetteville attorneys of the Bradford Law Offices, PLLC work for business owners who decide to file for bankruptcy. If you are in such a situation, we may be able to tirelessly work on your behalf to make sure you get the deal you deserve. Learn more about your legal options today by calling (919) 758-8879.
Popular steakhouse chain “Logan’s Roadhouse” announced on August 8 that they filed for Chapter 11 Bankruptcy in Delaware so they could improve their profitability by reorganizing the business, Knoxville News Sentinel reported.
Reports said at least 18 Logan’s restaurants with poor performance are going to be shut down. Although Logan’s has 256 locations in several states, including North Carolina, they saturate the Nashville area. The bankruptcy filing did not identify which stores are affected. Logan’s said that employees in the stores shutting down will either be reassigned to other branches or receive assistance finding other jobs. Court documents revealed that Logan’s listed $12. 9 million worth of assets while their liabilities amounted to $525.4 million. They have worked with their creditors since June to attempt to settle their debts.
Filing for business bankruptcy is a great opportunity for struggling businesses to improve their finances and reinvent themselves. If you decide to restructure through bankruptcy in Fayetteville, get in touch with the Bradford Law Offices, PLLC. Find out how we may work for you today by calling (919) 758-8879.