American Apparel sale

American Apparel’s brand and some other assets were acquired in bankruptcy proceedings by Canadian T-shirt and underwear maker Gildan Activewear for about $88 million in cash.

Gildan will separately purchase inventory from American Apparel to ensure that customers receive a steady supply, the Montreal company said Tuesday. It won’t acquire any stores.

American Apparel filed for a second bankruptcy in October after struggling to recover from a tumultuous period that included slumping sales, financial losses and the ouster of founder and CEO Dov Charney in the wake of allegations of misconduct.