AMERICAN APPAREL GOING CANADIAN IN $ 88M DEAL

American Apparel's ownership is on the verge of heading to the Great White North. Canada- based Gildan Activewear on Tuesday said it has won a U. S. bankruptcy court- supervised auction for the embattled California- based fashion company with a roughly $ 88 million cash bid. The sale, subject to court approval set for Thursday in Delaware, includes the acquisition of worldwide intellectual property rights related to the American Apparel brand, along with certain manufacturing equipment and some of the U. S. company's current inventory.