Amazon and Forever 21 are among the top companies looking to purchase American Apparel LLC, according to “people familiar with the talks” cited by Reuters.
Others looking to buy out the bankrupt company include California-based Next Level Apparel and brand licensor Authentic Brands Group. Though all offers submitted would have to exceed a $66 million bid by Canada-based Gildan Activewear Inc., which American Apparel agreed to at the time it filed for bankruptcy.
American Apparel went into bankruptcy for the second time last November with about $177 million in debt. According to Reuters, the clothing company has notified its workers that they could be losing their jobs as early as this month.