American Apparels to sell its Intellectual Property

November 16, 2016 4:49 pm | Updated 4 years ago.

American Apparels, a Los Angeles based clothing retailer has filed for bankruptcy protection. The company had not outsourced its manufacturing facility to Asia and thus found it difficult in the face of increasing competition.The company envisages on selling its brand, intellectual property and certain assets to a Canadian clothing manufacturer for an initial amount of $66m.