Gildan Wins Auction for Bankrupt American Apparel
GIL’s winning bid was $88 million for American Apparel’s brand and assets, but there’s no indication it will maintain any of the company’s U.S. manufacturing capacity. With recent attention on the Trump administration’s goal of encouraging domestic production and congressional republicans plans to tax imports with so-called “border adjustments,” there was speculation that whoever acquired American Apparel would keep its three factories and 3,500 production workers. Other bidders included Next Level Apparel and liquidators including Great American Group and Tiger Capital, the Wall Street Journal reported, and Amazon was also rumored to be considering making a bid.
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