Just a few short years ago, it seemed like American Apparel was the place to shop in Toronto, especially for easy-to-wear basics. But after years of financial troubles, the Canadian born, but American-based company filed for bankruptcy. Twice.
Now, as CBC New reports, Canadian company Gildan Activewear Inc won an auction to buy American Apparel for $88 million USD. If the sale's approved by a US bankruptcy court tomorrow, it'll be finalized sometime in February.
American Apparel's retail stores weren't, however, included in the deal, and it looks like they're all going to close.
The downtown Toronto locations, including stores on Queen West, Yonge Street and in the Holt Renfrew Centre have been liquidating both merchandise and store fixtures for the past few weeks.
According to the Financial Post, American Apparel can continue to sell its branded clothing under a 100-day license.
We reached out to American Apparel's administration team for comment, but at press time have yet to hear back.
An employee at the American Apparel on Queen West, which is looking pretty sparse, said the store will remain open until they sell off all of their stock, likely at the end of January or early next month.
by Staff via blogTO
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