Gildan Activewear Wins the Bidding for American Apparel's Assets

A Canadian apparel maker, Gildan Activewear, is buying American Apparel for about $88 million in cash. Gildan is buyng the brand's assets, but is not buying any of the 110 American Apparel retail stores. The deal must be approved by a bankruptcy court.

According to Reuters, other companies that expressed interest in American Apparel included Amazon (AMZN) - Get Report , Forever 21 and Next Level Apparel. American Apparel filed for bankruptcy last November for the second time.

The winning bid is scheduled to go before the bankruptcy judge for approval on Thursday,