Clothing manufacturer and retailer American Apparel Inc. filed for bankruptcy in November 2016, less than a year after emerging from its first bankruptcy. It planned to sell itself at auction with a leading $66 million offer from Canadian T-shirt and underwear maker Gildan Activewear, which said it would buy the brand and inventory but not any stores, and would integrate the brand with its own business. The offer would be subject to higher and better bids through a bankruptcy auction and require court approval. “We are confident that this decision is the best strategic move forward, in order to preserve the legacy of the American Apparel brand,” American Apparel chairman Bradley Scher said.
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