Shit Been Hitting the Fan for American Apparel. Hard.
American Apparel has been in the news a lot lately for less than stellar reasons. Back in 2014, all of us in the clothing industry got some gut-busting laughs over American Apparel’s ex-CEO, Dov Charney’s thirsty emails to company employees, referring to them as “cum targets” and “cum kittens.” Rumor has it that the sleeze ball is now so broke that he’s sleeping on a friends couch, but don’t worry Dov, you may have your entire former staff joining you there too. Coming out of nowhere it seems, the clothing juggernaut will be joining the ranks of entities filing for bankruptcy. Reporting to have lost nearly $400 million over the past five years, the company is requesting protection from the liquidation of many of its stores and factories. This will now completely put the company in the hands of creditors, with Standard General (the hedge fund attempting to revive Radio Shack) leading the rescue mission. You’d swear with how much you hear about bankruptcy in the news today, it’s a legitimate trend like pumpkin spice or having #relationshipgoals. But fear not, if American Apparel goes completely under, you can always wear more Royal Blue….