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American Apparel, that was once dubbed ?the largest apparel manufacturer in North America,? declared a Chapter 11 bankruptcy in 2015 and again in 2017. In January of this past year, a Delaware bankruptcy court approved the $88 million sale of American Apparel?s brand and intellectual property to Gildan Activewear Inc., a Montreal based clothing company. As well as the $88 million. Gildan will pay $15 million so that you can acquire American Apparel?s inventory and buy orders. That is done in effort to relaunch American Apparel and reopen a store in Los Angeles, where in fact the company once established itself and became popular.
While Gildan?s leader, Glenn Chamandy, is still unsure about the future of American Apparel?s relaunch, he's got a plan in mind. Gildan is a wholesaler that focuses on making customized t shirts. The company used their background in this field and began relaunching American Apparel by selling low priced plain tops to other brands for customization. This then led to the revamp of American Apparel?s website , that 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 instead of it being made domestically. This is usually a major modification to American Apparel because the brand initially gained popularity because of its ?made in America? reputation. However, after much research and consideration, Chamandy found that manufacturing the clothing in Central America can lead to a cheaper manufacturing cost and for that reason a higher profit margin.
With each one of these new innovations, American Apparel is predicted to regain traction on the next year. This starts using its first offline store opening up in the next few months. While the future of American Apparel is unknown, this purchase may be the company?s essential chance to reinvent itself.
American Apparel update
source: fortune.com
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