After filing for Chapter 11 bankruptcy twice in 13 months, American Apparel now may have a future with Gildan Activewear. American Apparel still has more than 115 stores in the U.S. But as with the first time American Apparel went through bankruptcy, it missed its first two required payments, totaling $2.5 million.
The agreement with Gildan includes buying the intellectual property rights of American Apparel for $66 million, but not the AA retail store assets. American Apparel listed assets and liabilities between $100 million and $500 million.
Here are the numbers:
11, 2, 13 | American Apparel filed for Chapter 11 bankruptcy twice in 13 months.
115 | Number of American Apparel stores still open in the U.S.
$2.5 million | Value of payments American Apparel missed
$66 million | Amount Gildan offered to pay for American Apparel’s intellectual property rights
$100 million–$500 million | Amount American Apparel listed for its assets and liabilities, which Gildan won’t take on