Because You're Ugly: American Apparel Financial Woes?
Charney continued, "Our business has remained encouraging during the holiday season. We are set to close out a strong 2008 for American Apparel, in which we expect to have opened at least 80 retail stores and to have reported a double digit same-store sales increase over 2007. Most importantly, we look forward to continuing to enhance the productivity of our retail stores and drive free cash flow in 2009."
Friends tell us that dozens of sewers and employees were laid off just earlier this month at American Apparel corporate headquarters.
American Apparel's massive popularity with the hipster/youth sect has survived and continued to thrive despite the perma-controversy swirling around their hyper sexual ads, five sexual harassment lawsuits and even CEO Charney whipping it out in front of a journalist once--but can they survive this recession?