American Apparel on Brink of Collapse
The spandex can only stretch so far. It’s been a rough year for the iconic retailer, which fired former CEO Dov Charney last December amid scandal. The firm recently announced preliminary second-quarter results reflecting a net loss of about $19.4 million, with revenue dropping by 17 percent. Shares in the company fell 1.7 percent yesterday to about 15 cents — already down 85 percent since the beginning of the year — and the brand’s execs are warning that they may not be in business 12 months from now.