November 14, 2016 / 6:52 AM / in a year

BRIEF-Gildan Activewear announces proposed acquisition of American Apparel brand

Nov 14 (Reuters) - Gildan Activewear Inc :

* Gildan activewear announces proposed acquisition of American Apparel brand

* Gildan will not be purchasing any retail store assets

* Gildan Activewear Inc - Company will also separately purchase inventory from American Apparel

* American Apparel voluntarily filed for Chapter 11 bankruptcy protection on November 14, 2016

* Gildan - Bankruptcy court may require American Apparel to hold auction for assets, business under which proposed deal would constitute initial bid

* Gildan Activewear - Consummation of acquisition would be subject to Gildan being selected as successful bidder in any such auction and bankruptcy court approval

* Deal for a cash purchase price of approximately $66 million

* Gildan Activewear - Company will be entitled to break-up fee, certain expense reimbursements if it does not prevail as successful bidder at any such auction Source text for Eikon: Further company coverage:

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