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.
Honestly, I’m a little bit disappointed AA is in the state it’s in. I thought the brand was a good thing for the fashion industry. I mean, they proved you didn’t need a brand name plastered all over you to be cool. A lot of other designer brands are going down the route of no-label pieces, all because of American Apparel. It’s a shame it’s pretty much done for good.
@Pat T
I can’t say I agree. AA proves almost more than any other brand that people still feel the need to wear brand names. Though it may not directly say “American Apparel” on the clothing, the styles are recognizable enough to know and have people want others to see them wearing it.
Good riddance. Exploitative advertising and horrible styles. People who wear AA look like homeless people.
Perhaps if they lowered their prices they wouldn’t be having this problem. The store has cute clothes but it’s overpriced. $25 for a plain t-shirt? No thanks.
oh no. i will miss the cute clothes. this was the 1 american brand i dont completely loathe.
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