American Apparel Is No More

Ending a two-decade run of clothing made in California, American Apparel will shut its remaining 110 stores, reports the Los Angeles Times. The long-troubled company, which declared bankruptcy in 2015, has sold to Canadian clothing company Gildan Activewear for $88 million, a transaction that "was always about buying assets out of bankruptcy," per a Gildan rep. "The reality is this wasn't a purchase of an ongoing concern." Along with the shuttered stores, almost 3,500 employees will lose their jobs, notes Cosmopolitan. "[Gildan does] have a plan, and that plan doesn’t involve US manufacturing and certainly not Los Angeles manufacturing," says an investment banker not involved in the deal. Ousted founder Dov Charney made a hail-Mary bid to buy his former enterprise, but couldn't swing the financing. "This is not a business that should have gone out of business," he tells the Times. (Read more American Apparel stories.)