Privately-held American Apparel will sell itself to a small investment firm for $382.5 million. NYT reports,
- “American Apparel’s buyer, the Endeavor Acquisition Corporation, is a small, publicly traded investment group created last year, with less than $125 million in assets. American Apparel is the firm’s first acquisition — and Endeavor is expected to expand the chain across the globe.”
Endeavor is shooting for 800 stores world-wide.
“I think we will get beyond that,” number, CEO Mr. Charney said. “It’s all about manifest destiny. Wherever FedEx goes, we will go.”
Whether paying double minimum wage and charging $30 for a blank t-shirt will scale internationally remains to be seen, just like an American Apparel product we would consider buying. — BEN POPKEN