During your holiday shopping missions last month, you may have shed a silent tear when you strolled past an American Apparel store.
Perhaps the “blowout” and “bankruptcy” sale signs were just too much to take when you realized you could soon have to turn elsewhere for your bodysuits, basics and Halloween gear (the store has helped more than a few ’80s workout instructor costume causes).
But now, Canada has come to the rescue of the beloved American brand, who filed for bankruptcy in October 2015.
Yesterday, Canadian retailer Gildan Activewear bought American Apparel for a cool $88 million, Fortune reports.
But, don’t expect to see its locations fully stocked in all of the brand’s neon and bold pattern-filled glory – or renamed “Canadian Apparel,” for that matter.
As Fortune reports, Gildan Activewear won’t takeover any of American Apparel’s 110 retail locations.
Instead, the company will focus on the brand and manufacturing, which includes a takeover of some of American Apparel’s California-based plants.
American Apparel’s stores and e-commerce site will continue to have access to a limited licence for 100 days.
Despite American Apparel’s signature “Made in USA” promise, Gildan historically produces most of its products overseas.
How it will function when it comes to American Apparel remains to be seen; the details are currently under wraps and the sale won’t be secured until tomorrow, when it is approved by a judge.