Canadian group Gildan Activewear has won the auction process to acquire the brand and certain assets from American Apparel.

Gildan had to up its initial bid of $66m to $88m to secure the deal after other companies, including Amazon, Forever 21, Next Level Apparel and brand licensor Authentic Brands Group LLC all showed interest in the brand, which has been in Chapter 11 bankruptcy since November.

The deal, which does not include any of the American Apparel retail stores, is subject to bankruptcy court approval on 12 January with a view to it being completed in early February.

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American Apparel in 'fashion & accessories'