Following announcements of store closings from Macy’s, Sears, Kmart, The Limited and JCPenney’s, edgy clothing company American Apparel will be closing all 110 of its retail stores. It will also close its Los Angeles headquarters.
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.”