Home / Knowledge / News / Apparel/Garments / American Apparel & Endeavor Acquisition announce definitive merger agreement

American Apparel & Endeavor Acquisition announce definitive merger agreement

01
Jan '07
American Apparel Inc, a leading domestic vertically-integrated manufacturer and retailer of cotton fashion basics and the largest T-shirt manufacturer in the United States, and Endeavor Acquisition Corp, a specified purpose acquisition company, announced they have signed a definitive merger agreement.

Pursuant to the agreement, Endeavor will acquire American Apparel and its affiliated subsidiaries for up to 32,258,065 shares of restricted Endeavor stock. Endeavor will also assume up to $110 million of net debt outstanding, create a one-time merger bonus pool of $2.5 million and reserve up to approximately 2.7 million shares of additional Endeavor stock under a plan to be made available for issuance to American Apparel employees.

The combined company will operate as American Apparel and is expected to trade publicly on the American Stock Exchange or another national stock exchange and will remain headquartered in downtown Los Angeles. Founder and Chief Executive Officer of American Apparel Dov Charney will remain CEO, while core members of the management team responsible for American Apparel's strong growth will also remain with the company.

American Apparel, at the forefront of a fashion basics revival, is a leading clothing manufacturer in the United States employing more than 5,000 people. American Apparel has the capacity to produce more than 1 million T-shirts per week at its Los Angeles manufacturing facilities. There are currently 143 AmericanApparel retail locations in 11 countries worldwide.


Must ReadView All

Pic: ECOS

Textiles | On 22nd Apr 2021

ECOS urges EC to apply ecodesign principles to textile products

The international NGO Environmental Coalition on Standards (ECOS) has ...

Pic: Salvatore Ferragamo

Apparel/Garments | On 22nd Apr 2021

Salvatore Ferragamo launches new platform to discuss sustainability

Italian luxury goods company Salvatore Ferragamo has launched...

Pic: Lululemon

Apparel/Garments | On 22nd Apr 2021

Canadian retailer Lululemon announces sustainability initiatives

Canada-based Lululemon Athletica has announced 2 new initiatives that ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

We are staring at livelihood crisis for weavers

Textile Industry, Head honchos

Textile Industry
Head honchos

One thing is certain, online sales will go up

Textile Industry, Head honchos

Textile Industry
Head honchos

Fashion tech has to be lean and very productive

Ritu Oberoi,

Ritu Oberoi

Established in 2018, Forsarees is a socially driven business enterprise,...

Chini Chouhan,

Chini Chouhan

Founded by Chini Chouhan, her eponymous brand specialises in women's...

Shyam Gupta,

Shyam Gupta

Established by <b>Shyam Gupta</b> in 1978, Gargee Designer's (GD) offers...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Silverio Baranzano, Fitesa

Silverio Baranzano
Fitesa

Fitesa is a leader in the nonwoven fabrics industry, specialising in...

Sven Ghyselinck, Devan Chemical

Sven Ghyselinck
Devan Chemical

Headquartered in Belgium and with offices in the United Kingdom, Portugal...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Samatvam, a womenswear brand that blends age-old craftsmanship with modern ...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Abhishek Bajaj & Samiksha Bajaj, Samshek

Abhishek Bajaj & Samiksha Bajaj
Samshek

Samshek is a fashion forward tech brand which combines digital experience...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search