American Apparel Bidding War Includes Amazon, Forever 21, Next Level Apparel, Authentic Brands
In the ongoing story about American Apparel's bankruptcy and impending sale, more potential competitors have entered the ring to challenge frontrunner Gildan Activewear: Amazon, Forever 21, Next Level Apparel and Authentic Brands Group LLC.
But, unless a potential suitor can outbid Gildan Activewear Inc.'s $66 million bid, the process will go according to plan, as we've discussed in previous articles.
Gildan's offer included an option to keep American Apparel's Southern California manufacturing plants, but excluded its retail storefronts, many of which have been closed in the U.S. and U.K.
The auction process should be over next week, sources said to Reuters.
While American Apparel, Amazon, Forever 21, Next Level Apparel and Authentic Brands did not respond for comment, a Gildan spokesperson told Reuters yesterday that the company is assembling all necessary information to best position itself against the competition during the auction process.
Amazon throwing its hat into the ring isn't much of a surprise, as it's hinted at disrupting the apparel world for a while now.
We'll continue to follow this story as it develops.