Known for its 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.”
American Apparel operates seven stores in Florida, five of which are in South Florida. Those include locations on Lincoln Road, Washington Avenue, South Miami, Town Center at Boca Raton and Wellington Green Mall. [LA Times | SF Gate] — Christopher Cameron