On Monday, Canadian retailer Gildan Activewear bought American Apparel for the hefty sum of $88 million, Fortune reports.
Back in October 2015, American Apparel filed for bankruptcy after falling into a downward spiral for most of the year. This purchase saves the future of the company, but what does it mean for the trendy retail locations where we get our bright colors and glossy prints?
According to Fortune, Gildan Activewear won't take any of American Apparel's 110 retail locations, instead focusing on the brand and its manufacturing, including taking over some of the California-based plants. Remember, one of the American Apparel's calling cards is its "Made in USA" promise, yet Gildan produces most of its product overseas. This is just one of many uncertainties when it comes to the future of the brand, which has been a retail staple since it was founded in 1998.
Gildan was up against Next Level Apparel in the battle for ownership, originally bidding $66 million before raising the sum in order to secure the sale.
Neither American Apparel nor Gildan Activewear responded to Fortune 's request for comment, which is likely because details are confidential and the sale won't be secured until approved by a judge on Thursday.
At least it doesn't look like we'll have to call it "Canadian Apparel" now. At least, not yet.
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