American Apparel Going Out Of Business?
Looks like the U.S. clothing chain, American Apparel, may be going down the toilet due to a sizable amount of debt. Yeah, Uncle Sam is shutting everything down until each and every one of his coins are turned in. Where does this leave the hipsters and South Beach go-go dancers? The world may never know. According to the BBC:
The Los Angeles–based retailer said its debts had risen to $120.3m (£77.2m).
The firm said there was “substantial doubt that the company will be able to continue is a going concern.”
Its share price fell 15% on Tuesday morning. The shares had already lost 55% of their value since the beginning of the year.
American Apparel, which has more than 280 stores worldwide, and 14 in the UK, warned of losses of up to $7m (£4.5m) for the three months to June.
Nothing is official just yet, but if the shops are blasted sky high, I know this will upset a lot of our young people. Look on the bright side though—no American Apparel will probably lead to a sharp decline in women wearing neon leggings in the club. Let’s be honest — the day of the camel toe is over. God bless them.