If you’re a fan of the retail store American Apparel, you better head to your nearest store and start stocking up because the brand is soon to be no more.
According to the L.A. Times, American Apparel has sold the brand in a bankruptcy auction to a Canadian firm called Gildan Activewear, who agreed to pay $88 million to buy the company’s intellectual property as well as some manufacturing equipment. Gildan has no interest in the brand’s 110 U.S. stores or the L.A. headquarters. Therefore, American Apparel’s more than 3,400 employees could potentially be out of a job in days.
The closure of American Apparel comes after a number of falters in recent years. Including massive debts, sexual allegations and misuse of company funds against former chief executive and chairman, and the eventual filing for bankruptcy.