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American Apparel Files Chapter 11 Bankruptcy…Again
Back in October 2015, we reported that American Apparel filed for bankruptcy protection. Just about a year later, American Apparel is doing it again – the retailer has opened a case with the U.S. Bankruptcy Court for the District of Delaware, listing assets and liabilities in the range of $100 to $500 million.
With the announcement comes the separate news that Canadian retailer Gildan Activewear Inc. is buying intellectual property from American Apparel, as well as other assets (not including real estate) for $66 million in cash. American Apparel will auction its assets and business, with Gildan’s acquisition as the first bid.
As the manufacturer and retailer winds down its business in the United Kingdom, it will continue to run business as normal in the U.S.
For comments, questions or concerns, please contact Daniella Soloway
