Amazon and Forever 21 In the Running to Buy American Apparel
Amazon and Forever 21 need to place bids by Friday.
Amazon (AMZN) - Get Report and Forever 21 are reportedly two of the companies weighing bids to buy bankrupt teen clothing retailer American Apparel.
American Apparel is currently involved in a bankruptcy auction in California, and the outcome of those proceedings will help determine the future of the company. American Apparel agreed to a $66 million stalking horse bid from Canadian apparel maker Gildan Activewear when it filed for bankruptcy in November, and any competing bid from interested parties would have to top that amount, according to Reuters.
The deadline for companies to submit bids is Friday, while the bankruptcy auction is expected to conclude sometime next week.
