Known for it’s commitment to sweatshop-free clothing, manufacturing its clothes in America and provocative advertising, American Apparel will close the retail portion of its business following an acquisition.
Gildan Activewear acquired the brand for just $88 million, according to SF Gate. At its peak in 2007, American Apparel was valued at $1 billion.
“This was always about buying assets out of bankruptcy,” Gildan spokesman Garry Bell told the L.A. Times. “The reality is this wasn’t a purchase of an ongoing concern.”