Goodbye, American Apparel
The 19-year old company has been purchased for $88 million, which may be the brand’s last great marketing feat.
It’s finally over for American Apparel, the trendy turned-scandal plagued clothing brand whose first store opened in 1997. On Thursday, a bankruptcy court in Delaware approved an $88 million sale of the brand’s intellectual property and manufacturing equipment to Gildan, a Canadian apparel company that focuses on wholesale. Gildan will pay an additional $15 million to acquire American Apparel’s purchase orders and inventory, effectively giving the buyer all the tools it needs to launch a new clothing line from the ruins of the now defunct brand.
Millennials—especially those who identify with the term —likely remember
