SALE ALERT: American Apparel closing its doors
It’s over for American Apparel. In case you have not heard, American Apparel is closing its doors and I could not even be bothered. That company was overrated, over priced and surprised it lasted this long. Okay not surprised because it had its run in the early 90’s but who didn’t. To be honest, it was perfect for basics and essentials.
The clothing brand that opened its doors in 1997 filed for bankruptcy which resulted into a bankruptcy court in Delaware approving an $88 million sale of the brand’s intellectual property and manufacturing equipment to Gildan. Gildan is 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 American Apparel. The company had a good run- it made $5 billion in the last 10 years and managed to have a few law suits on its hands.
Graduate school is back in session, I will be mainly Backstage. Don't forget to come and say hello. But putting that aside, I have a question: What is one company that you would buy if you had a few million dollars laying around.