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American Apparel & Endeavor Acquisition announce definitive merger agreement

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.

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