For the second time this year, American Apparel has filed for bankruptcy. According to Reuters, the retailer, famous for its sexually charged advertising, has been facing intense competition and a tumultuous relationship with its founder Dov Charney.
It's also been reported that Canadian apparel maker Gildan Activewear has agreed to buy American Apparel for $66 million in cash. In a letter acquired by Reuters, American Apparel Chairman Bradley Scher said, "Gildan has asked for the opportunity to maintain certain of our manufacturing, distribution and warehouse operations in and around Los Angeles."
Keeping the manufacturing operations of American Apparel in the United States is apparently a priority for the retailer. Sexy and patriotic - a brand we can get behind. Best of luck to American Apparel. Try to stay out of the shits.
