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Image screenshot: America Apparel

Gildan wins $88 million American Apparel bankruptcy bid

Canadian wholesale apparel company Gildan has won an $88 million bankruptcy bid to acquire struggling American-made retailer American Apparel.

Under the terms of the acquisition Gildan will acquire some of AA’s manufacturing facilities, including it’s biggest facility in southern California, but will not acquire any of its remaining 110 stores, Reuters reports.

For those brick-and-mortar locations to stay open, another buyer would have to come in and acquire those stores, Racked reports.

This is the second time American Apparel, which was founded by the ever-controversial, Dov Charney, in 1998, has filed for Chapter 11 bankruptcy, the first time was in October 2015.

The deal is subject to approval by a bankruptcy judge on Jan. 12.

By Ashley Paintsil

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