AMERICAN APPAREL CLOSING ALL STORES, LAYING OFF 2,400 EMPLOYEES

american-apparel

The days of walking into An American Apparel store and picking up the latest wears has officially come to an end. It was announced last week that Gildan Activewear Inc. would be acquiring the intellectual rights associated with American Apparel and unspecified assets for $88 million. The deal did not include the acquisition of any retail assets. As a results all existing American Apparel locations will be closing their doors by April. This will impact 2,400 employees across 110 stores.