×
77 221
Fashion Jobs
ADIDAS
HR Services Specialist
Permanent · Portland
GAP
General Manager - Pittsburgh Tanger Outlets
Permanent · Washington
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Marietta
L'OREAL GROUP
Manager - DTC Operations
Permanent · Clark
L'OREAL GROUP
sr Manager-Supply Planning
Permanent · New York
SCOTCH & SODA
Scotch & Soda- Women's Buyer
Permanent · New York City
COTY
National Account Manager, Heb
Permanent · San Antonio
NIKE
North America, Consumer Direct Marketing Manager - Running
Permanent · Beaverton
JCPENNEY
Senior Legal Specialist, Property And Real Estate
Permanent · Plano
PUMA
Junior Product Line Management, Run Train Footwear
Permanent · Somerville
BLOOMINGDALE'S
Manager, Sales - Cosmetics/Women's Shoes
Permanent · Palo Alto
BLOOMINGDALE'S
Manager, Sales - Rtw/ia/Ladies Shoes
Permanent · Boca Raton
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time: Valley Fair
Permanent · San Jose
MICHAEL KORS (USA) INC
Director of Marketing Technology
Permanent · East Rutherford
ESTÉE LAUDER
Senior Analyst, Business Analyst, Global R&D Technology
Permanent · New York
ESTÉE LAUDER
Account Coordinator - Estee Lauder - 40 Hrs - Macys Millenia Mall - Orlando, fl
Permanent · Orlando
ESTÉE LAUDER
Vice President, Finance & Business Management - Brand Cluster, na
Permanent · New York
ATHLETA
General Manager - nw Hwy - Park Ridge (New Store)
Permanent · Park Ridge
GAP INC
Associate Analyst, Finance (Capital Accounting)
Permanent · Albuquerque
GAP INC
Finance Manager (Strategic Growth Office)
Permanent · San Francisco
RAG & BONE
Sales Supervisor (Full - Time) - Riverhead
Permanent · Riverhead
FOSSIL
Ecommerce Operations Coordinator
Permanent · Houston
By
Reuters
Published
Jan 10, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Gildan wins American Apparel auction with $88m bid - source

By
Reuters
Published
Jan 10, 2017

Canadian apparel maker Gildan Activewear Inc has won a bankruptcy auction for U.S. fashion retailer American Apparel LLC after raising its offer to around $88 million, a person familiar with the matter said Monday.

Gildan's takeover marks the end of an era for the Los Angeles-based company, which was founded in 1998 by an eccentric Canadian university drop-out and grew to become a part of U.S. popular culture thanks to its sexually charged advertising.


American Apparel has toned down its aggressively sexy imagery in recent years - American Apparel



Gildan will not take any of American Apparel's 110 stores, but will own its brand and assume some of its manufacturing operations, the source said. The deal is subject to a bankruptcy judge approving it on Thursday.

American Apparel declined to comment, while Gildan did not immediately respond to a request for comment. The source asked not to be identified because details of the bankruptcy auction are confidential.

The auction for the retailer also attracted an offer from California-based apparel maker Next Level Apparel, a source said earlier on Monday. However, Gildan won after raising its original $66 million stalking horse bid, the source added.

The bankruptcy auction also attracted interest from e-commerce giant Amazon.com Inc, competitor Forever 21 Inc and brand licensor Authentic Brands Group LLC, which led a consortium to acquire Aeropostale Inc out of its bankruptcy last year, sources said last week.

American Apparel's struggles show the major challenges facing brick-and-mortar retailers as more consumers shop online. Several U.S. retailers, including Aeropostale Inc and Pacific Sunwear of California Inc, have filed for bankruptcy in recent months.

Gildan plans to assume ownership of some of American Apparel's manufacturing plants in southern California, one of the largest garment-making operations in the United States with about 3,500 employees, sources have previously said.

Gildan makes most of its garments offshore, with close to 90 percent of its 42,000 employees in low-cost Caribbean and Central American countries. It has yarn-spinning and distribution centers in cheaper parts of the United States, including North Carolina and Georgia.

American Apparel filed its second Chapter 11 in November with about $177 million in debt after the failure of a turnaround plan implemented by its owners, a group of former bondholders. The company filed its first Chapter 11 in October 2015, and emerged early last year.

The company's finances had deteriorated quickly. In 2013, it recorded sales topping $633 million, capping off a period of growth. In 2014, founder and then-CEO Dov Charney was removed from the company. Sales declined, hitting $497 million in 2015, according to bankruptcy court records.

 

© Thomson Reuters 2022 All rights reserved.