American Apparel Files for Bankruptcy — Again!
American Apparel, the clothing company founded by Dov Charney, is in bankruptcy for a second time in less than a year. The company filed for chapter 11 bankruptcy protection on Monday.
The company reported about $215 million in debts
Maybe someone at American Apparel should be thinking about bringing Dov Charney back right about now.
American Apparel chief restructuring officer Mark Weinsten said in a court filing, “The company faced unfavorable market conditions that were more persistent and widespread than the debtors anticipated. These market conditions were particularly detrimental to retailers.”
With a one time high of 230 stores worldwide, American Apparel now has 130 stores in 28 U.S. states and the District of Columbia.
Reuters is reporting that Canadian apparel maker Gildan Activewear Inc has agreed to pay $66 million for intellectual property rights related to the American Apparel brand and certain assets from American Apparel.
— American Apparel (@americanapparel) November 13, 2016
If the company does go under it will be a real shame. Dov Charney made American Apparel one of the few American manufacturers to actually produce its goods in America.
— American Apparel (@americanapparel) November 14, 2016
Well at least American Apparel is still putting out the same kind of ads as shown in the above tweets and in this Instagram post below.
Read more about: American Apparel, bankruptcy, Dov Charney