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American Apparel, the beleaguered retailer with a history of risqué advertising, will close all 110 of its U.S. stores, but its brand name will live on.
On Jan. 10, Montreal-based Gildan Activewear acquired American Apparel for $88 million, a deal that includes American Apparel's intellectual property rights and manufacturing equipment. Both Amazon and Forever 21 bid for American Apparel as well, according to Reuters.
Gildan plans to add the American Apparel brand to its portfolio, which includes Gold Toe socks and Silks hosiery.