American Apparel, the beleaguered retailer with a record of risqué promotion, will close all 110 of its U.S. shops, but its brand title will stay on.
On Jan. 10, Montreal-primarily based Gildan Activewear obtained American Apparel for $88 million, a deal that incorporates American Apparel’s mental residence legal rights and manufacturing devices. Both Amazon and Forever 21 bid for American Apparel as very well, in accordance to Reuters.
Gildan ideas to increase the American Apparel brand to its portfolio, which incorporates Gold Toe socks and Silks hosiery. Gildan also has licensing agreements with New Stability, Underneath Armour and Mossy Oak.
“We see solid possible to improve American Apparel income by leveraging our comprehensive printwear distribution networks in North The usa and internationally to generate even more sector share penetration in the manner essentials segment of these marketplaces,” mentioned Glenn Chamandy, president and CEO of Gildan, in a assertion.
American Apparel founder Dov Charney was fired from the firm as CEO in 2014 immediately after many staff lawsuits for sexual harassment and a nude picture scandal involving an staff. Underneath Charney, the brand also faced criticism for its racy promotion. In the publish-Charney period, American Apparel refocused, launching a new internet marketing initiative very last year that involved far more sizing selections with a renewed concentrate on its ecommerce and mobile efforts.
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