The Los Angeles, California-based American Apparel (OTCMKTS:APPCQ) was a one-time fashion industry trailblazer. Founded in 1989 by Dov Charney, the business stood for US manufacturing, colorful basics, and provocative marketing.
However, American Apparel has not been doing well financially for a while now. This was not surprising, as the business has been making controversial financial decisions for many years now. In October 2015, they eventually filed for bankruptcy.
A couple of months back, they laid off 2400 of their Southern California workers. That was just the start. The management took the decision to begin to wind down, and also started to look for a buyer. American Apparel decided to close down or sell their Los Angeles, South Gate, and Garden Grove factories. Finally, Gildan Activewear, based out of Montreal in Canada, agreed to purchase the business in January. However, they decided not to retain their 110 retail stores. Since that decision, American Apparel has been closing down their stores across the country quietly. The stock in locations still running is dwindling too.
One Last Opportunity to Buy From American Apparel Online
The time has finally come to bid farewell to the business, which was just a few years back the favorite retailer for a lot of buyers. The American Apparel online store is closing down this week. The stock, including bodysuits, leggings, and everything else is on sale at a massive 50 percent discount.
The “TAKE50” code was issued to help customers get a 50 percent discount at both their online and offline stores. Mails to this effect have been sent to everyone in their mailing list. The discount will apply to the recently-released spring collection as well. It also includes the popular “Timeless Basics”.
The Brick-And-Mortar Stores Are Closing Down Too
American Apparel is yet to announce a date by when their brick-and-mortar stores will be shut down. But that is expected to be sooner rather than later, certainly within the next few months, as the buyer Gildan of Canada decided against continuing these stores.
There was a time when American Apparel (OTCMKTS:APPCQ) used to run close to 200 stores in the United States alone. They also had 30 stores in Canada and stores in many other countries such as the United Kingdom, France, Germany, Sweden, Belgium, Spain, Italy, Hong Kong, China, South Korea, and Japan among other countries.