[Photo credit: American Apparel Instagram]

It's official: American Apparel is no more. The company, known for its basic staple items like plain T-shirts, will be closing all of its 110 stores nationwide as well as the headquarters in Los Angeles.

Canadian-based company Gildan has acquired AA's intellectual property and manufacturing equipment for $88 million. The company is set to pay another $15 million for American Apparel's purchase orders and inventory, which will let Gildan start a new clothing line from the brand if it wishes to. While the 110 stores were also up for sale, no company, including Gildan, purchased them.

As of now, Americal Apparel still plans on being a wholesale company, meaning your beloved band shirts printed on AA are safe.

Dov Charney, the brand's founder, started American Apparel out of his dorm room in 1989. Since then, Charney has been faced with lawsuits and other legal battles. The brand filed for bankruptcy last November and was reported to be  $177 million in debt.

“The company is dead,” said Charney (via The Atlantic). “They’re just tossing around a brand. It's like Polaroid or Sharper Image. The spirit of American Apparel is dead.” 

For fans of the brand, everything on the site is 40% off—so grab things while you still can. American Apparel has not commented on when the stores will be closing.