We kinda knew we’d see the day, just maybe not this soon:
LONDON (AFX) Endeavor Acquisition Corp has agreed to buy fashion manufacturer and retailer American Apparel Inc, the largest T-shirt manufacturer in the US, the two companies said. Endeavor will pay 32.3 mln shares for the company, and assume 110 mln usd of debt, it said. It will also create a bonus pool of 2.5 mln usd and reserve up to 2.7 mln Endeavor shares for distribution to American Apparel employees.
The New York Times has a lengthier story with the can’t-beat-it pic and says that the company’s controversial founder, Dov Charney, will remain at the helm of American Apparel after the deal, which is expected to close next summer.