One of the largest clothing retailers for young people in America, has, formally filed for bankruptcy. According to documents obtained by The Daily News, American Apparel filed for bankruptcy just weeks after massive sale signs began popping up in their stores. This is the second time in less than a year that the former big boy among American clothing stores has filed for bankruptcy, similar to its current standing in the United Kingdom.
American Apparel’s UK stores went into administration formally on 8 November. It’s former chief executive Dov Charmey, perhaps, is feeling the most benefit from the fall of his former empire. According to The a Guardian, he, has since propelled himself back into fashion and hopes to open more factories for his new clothing business in various other countries rather than America.