American Apparel Is On The Brink Of Financial “Collapse”
In a perfect world, Dov Charney would appear in our newsfeed as little as possible. Instead, we would be greeted by headlines shouting “Alexander Wang Designs for H&M” or “Alber Elbaz Saves A Tree Full of Stray Kittens” — but we can only dream.Once again, American Apparel made headlines today when MSNBC published an article that strayed away from the company’s problems we all know too well and divert our attention to another: American Apparel is not making bank.
Oh really? Guess it has been tough for our minds to wrap around that when we’ve been bombarded by the company’s other problems — like a leak of memos going into details of image policies and $1 million breach contracts. But according to the article, it turns out the recent controversies are not the crux of the financial problems that the company is currently facing. Instead, it’s the CEO’s inability to turn in his financial filings on time and production problems within the company’s Los Angeles factory.
Mysteriously, Charney seems to believe that the problem is temporary and everything will be okay:
“Our company in the past has been through these types of issues before and it’s never really presented us with any particular difficulties in running our business.”
Not according to MSNBC’s recent findings, and in this paragraph they sum up what’s really going on:
Even if the clothing company is able to resolve that crisis, production problems at its factories, which are contributing to its poor financial results, could take months to work out, the company has conceded. The Los Angeles-based company also has warned that it risks having its stock delisted from the Amex because it has repeatedly been tardy with its financial filings.
Mr. Charney, please divert your attention away from your doe-eyed models and instead deal with this internal mess once and for all.
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