Gildan Activewear Signs Deal to Buy American Apparel Brand for $66 Million

By Marowits, Ross | The Canadian Press, November 14, 2016 | Go to article overview

Gildan Activewear Signs Deal to Buy American Apparel Brand for $66 Million


Marowits, Ross, The Canadian Press


Gildan signs deal for American Apparel brand

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MONTREAL - Gildan Activewear has signed a deal to acquire the American Apparel brand which filed for bankruptcy protection on Monday for the second time in just over a year.

The Montreal-based maker of T-shirts, activewear, socks and underwear said it has agreed to buy the intellectual property rights related to American Apparel for US$66 million.

The agreement does not include American Apparel's retail store assets.

"We believe it's a good opportunity for us to acquire another brand ... and enhance our product offering both on the printwear side as well as the consumer or retail side of our branded apparel business," vice-president Garry Bell said in an interview.

American Apparel filed for Chapter 11 bankruptcy protection on Monday, unable to find its footing even after a contentious fight for control with founder Dov Charney.

It filed for court protection from creditors in October 2015, about a year after it fired Charney for violating its sexual harassment policy. Charney's legal campaign to retake control of the company was rejected by a bankruptcy court judge in January.

Charney denies the sexual harassment charges and has claimed the company was taken from him in a "coup."

American Apparel, which has lost money every year since 2010, had about US$185 million of wholesale sales globally as of 2014, including US$168 million from the U. …

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