American Apparel May Be in Trouble
If American Apparel goes under, we will throw such a tantrum! We're not even kidding. According to Gawker, the company is in some serious financial trouble, reporting a $17.6 million loss for the first quarter of 2010 on top of a $3.9 million loss in the first quarter of 2009:
"The company is now more than $91 million in debt, and the most recent losing quarter could put the company in default of one of its loans.
American Apparel is now trying to restructure the deal, but it's not sure it will be able to do it. Which means the company could be in trouble: "There can be no assurance that if either or both of these events were to take place, that the company would be able to obtain the additional sources of liquidity required to continue operations," the retailer said in a statement."
Say what you want about AA; sure they're over-priced and it's a little insidious the way their clothes have kinda become the default uniform of NYC's hip young things. But we'd be really sad if we couldn't pop into one of their neon white stores and grab a tank top that feels like old cheese cloth, or some satiny running shorts, or gold lamé leggings. This is grave news indeed!
Also: Why is it so goddamn hard to find any dirty, sexy, Terry Richardson-y American Apparel ads with dudes in them on the Internet? We know we've seen them up in the stores! What gives, Internet?
