American Apparel has finally reached the height of its downward spiral.
After reporting significant losses, the retailer has filed for Chapter 11 Bankruptcy, GQ reports. This comes after a shake-up in the company that included the firing of CEO Dov Charney amid sexual harassment allegations, as well as significant lay-offs and store closings. Back in August, AA said there was “substantial doubt” that it would stay in business.
In the bankruptcy filing, AA claims a loss of $45 million in 2015 alone. Guess that’s what happens when you charge $20 for a pair of socks. Still, if you frequent AA to stock up on bodysuits, don’t worry: the stores will remain open. At least for now.
Only time will tell if American Apparel can right its wrongs. But, can we get a sale though?
SOURCE: GQ | PHOTO CREDIT: Getty