December 16, 2016
Bankrupt retailer American Apparel now plans to close stores in nine cities. The troubled retailer will sell its remaining 101 retail stores at an auction January 9.
Nine poorly-performing stores will close by the end of December, presumably to help trim the portfolio of stores before the sale. The doomed stores are in Atlanta; Burlington, Vermont; Dallas; Evanston, Illinois; Memphis; New York; Santa Cruz, California; Seattle and Washington.
The company first filed for bankruptcy last year, and has struggled since.
One potential buyer has already stepped forward. Canada’s Gildan Activewear plans to bid $66 million for the brand name, according to the Commercial Appeal, part of the USA Today network of publications.