It appears that the sale that cool girls around the world are waiting may take place within the next year. On Tuesday, L.A. based retailer American Apparel announced that it had it’s doubts about it ability to last next year:
“The beleaguered brand â€“ nearly as famous for having a CEO who cavorts around the office in his underwear as for its bright wardrobe basics â€“ announced plans to improve its performance with an initiative that will speed distribution and lower costs.
In August, the company first raised the alarm that it could go bankrupt. In a press release, it announced slumping sales (down 16 percent), huge second quarter losses (somewhere between $5 million and $7 million), and the likelihood that the company “may not have sufficient liquidity necessary to sustain operations for the next 12 months.”
That language was repeated in a 59-page filing with the U.S. Securities and Exchange Commission Tuesday. The company said it might not survive for the next 12 months and might violate a term of its loan agreement with London private equity fund Lion Capital. (The agreement was amended just last month.)”
Does this mean that we can expect $40 non-pants to go to $15 soon? African print booty-shorts for $5? Circle scarves for cheap? We just need to know so we can plan our schedules accordingly. Read the rest over at Inc.
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