Gildan Activewear to buy American Apparel brand for $66 mln

Canada's Gildan Activewear Inc (TSX: GIL) has agreed to acquire the intellectual property rights related to the brand and certain assets of U.S. clothing manufacturer American Apparel LLC for about $66 million. Gildan said it will also buy inventory to ensure a supply of goods in the printwear channel. The deal is expected to close in early 2017. American Apparel filed for a second bankruptcy after emerging from a first in February under the ownership of bondholders led by U.S. hedge fund Monarch Alternative Capital LP. Montréal-based Gildan is a maker of branded basic family apparel.

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