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One clothing retailer's misfortune is an opportunity for other shop owners looking for space in Austin's tight market. American Apparel LLC is shutting down all 110 of its stores nationwide after it was bought in bankruptcy — although its locations in the Texas capital remain open for now, with steep discounts offered on all items. The Los Angeles-based clothing manufacturer is expected to close all 110 stores within the next few months and the company has started laying off 2,400 workers at its factories in Southern California, the Los Angeles Times reports .
Canadian apparel maker Gildan Activewear Inc. announced that it acquired American Apparel via a bankruptcy auction. The deal, valued at about $88 million in cash, is subject to approval from a bankruptcy court on Thursday. Included with the purchase are American Apparel's intellectual property rights and certain manufacturing equipment.
Montreal-based Gildan Activewear Inc. will buy the American Apparel brand, inventory and some manufacturing equipment from the national firm's bankruptcy auction. It’s the second time that Gildan (NYSE and TSX: GIL) has bid for American Apparel. On Tuesday, Gildan and other observers said the firm was “setting the floor for the auction” by submitting the earlier bid .