When was American Apparel founded?
American Apparel is about to go bankrupt
The once highly acclaimed and successful basic label American Apparel is facing the second bankruptcy within a year. The company had to file its balance sheet as early as October 2015. Attempts to reposition American Apparel or even to sell it have since failed. An investment bank is desperately looking for a buyer. The second bankruptcy is to be made public next week, reports the industry portal “Business of Fashion”, citing anonymous insiders who are well acquainted with the situation of the label.
It is above all the two hundred own stores that make American Apparel difficult to cope with. The company cannot get out of long-term rental contracts in many places, which is why it is now to be sent into bankruptcy. This would allow potential investors to only take over the brand and distribution, not the costly sales network. The debacle would therefore be partially “delegated” to the landlords.
Dov Charney starts over
The US label American Apparel, founded in 2003, has been one of the leading fast fashion players in the last ten years and attracted attention not only with a highly sexualized advertising campaign, but also with an aggressive expansion strategy. No sooner had a new quarter been even halfway hip than a new American apparel store opened there. The decision to pave the world with its own stores is now weighing on the company. American Apparel has been going downhill since mid-2014, when the company fired the controversial founder Dov Charney and installed a new management team. The new boss had to be replaced in the meantime. The full story of the rise and fall of American Apparel was beautifully traced in the Guardian.
Meanwhile, Dov Charney is about to start all over again in Los Angeles and to launch a new company with the presumed name “That's Los Angeles”. In the first interviews about his plans, he announced that he no longer wanted to rely on his own retail networks in the future.
Read more about the American Apparel debacle HERE.
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