The deal in total cost Gildan a whopping $88 million.
American Apparel has had an incredibly tumultuous couple of years, starting in 2014 when they fired the founder and CEO of the company Dov Charney. Then the company filed for bankruptcy in 2015 and then again in 2016.
Today though, a bitter-sweet ending in the company's recent history of unfortunate events came by way of a merger, like a really big one. Though the sale still has to be approved through a bankruptcy court Judge in Delaware, Canadian company Gildan Activewear has reportedly won the bidding war to buy the company. The initial bid for the company was for $66 million, but Gildan had to shell out an additional $22 million to secure rights to embattle the company.
Gildan plans to maintain American Apparel's LA based manufacturing and distribution warehouse, it will have no part in the retail store aspect of the company, as reports cite companies like Amazon and Forever 21 are interested in the brick and mortar locations.
Here's to hoping the company can rebuild in 2017.