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American Apparel, which was once dubbed ?the biggest apparel manufacturer in THE UNITED STATES,? declared a Chapter 11 bankruptcy in 2015 and then again in 2017. In January of this past year, a Delaware bankruptcy court approved the $88 million sale of American Apparel? Additional info and intellectual property to Gildan Activewear Inc., a Montreal based clothing company. As well as more info . Gildan will pay $15 million so as to acquire American Apparel?s inventory and buy orders. This is done in effort to relaunch American Apparel and reopen a store in Los Angeles, where the company once established itself and became popular.
While Gildan?s leader, Glenn Chamandy, is still unsure concerning the future of American Apparel?s relaunch, he's got a plan at heart. Gildan is a wholesaler that specializes in making customized tops. The business used their background in this field and began relaunching American Apparel by selling low cost plain tops to other brands for customization. This then resulted in the revamp of American Apparel?s website, which is now ready to go again. However, one of the primary changes that Gildan has made since its acquisition of the brand is by manufacturing its products offshore as opposed to it being made domestically. It is a major modification to American Apparel because the brand initially gained popularity because of its ?manufactured in America? reputation. However, after much research and consideration, Chamandy discovered that manufacturing the clothing in Central America can lead to a cheaper manufacturing cost and for that reason a higher profit percentage.
With each one of these new innovations, American Apparel is predicted to regain traction on the next year. This starts using its first brick and mortar store opening up within the next few months. As the future of American Apparel is unknown, this purchase may be the company?s much needed chance to reinvent itself.
American Apparel update
source: fortune.com
More articles at www.bacciinc.com
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