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The
deal is subject to approval from a bankruptcy court on Thursday,
the company said.
Under the deal, Gildan will acquire the intellectual property
rights related to the American Apparel brand and certain
manufacturing equipment. The company , however, will not buy any
of the 110 American Apparel retail stores.
Reuters reported late on Monday that Gildan had won the auction,
which also attracted other bidders such as California-based
apparel maker Next Level.
Guggenheim Securities, LLC is acting as Gildan's financial
adviser, while Sullivan and Cromwell LLP are providing legal
advice.
(Reporting by Siddharth Cavale in Bengaluru; Editing by Shounak
Dasgupta)
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