Business

American Apparel Cuts Jobs, Stores to Battle Sales Slump

Passers-by walk down the street past the American Apparel store in the Shadyside neighborhood of Pittsburgh on Wednesday, July 9, 2014. American Apparel Inc. has reached a preliminary deal with investment firm Standard General to receive $25 million in financing to bolster the clothing chain’s finances, according to a person close to the negotiations. (AP Photo/Keith Srakocic)
Passers-by walk down the street past the American Apparel store in the Shadyside neighborhood of Pittsburgh on Wednesday, July 9, 2014. (AP Photo/Keith Srakocic)

(CTV News) – American Apparel, the chain that boasts of “Made in the USA” fashions, said Monday it would close some stores and cut jobs as it fights slumping sales.

The Los Angeles-based company, which is embroiled in a legal battle with its former founder and chief executive Dov Charney, said it planned to slash $30 million in spending over the next 18 months.

To get there, the company said in a statement it would close “under-performing” retail locations, resulting in job losses, without providing details on numbers or locations.

The company, which makes its own clothing in downtown Los Angeles, had 239 stores in about 20 countries, including 135 in the United States, at the end of March.

READ MORE

Tags
Show More

Leave a Reply

Your email address will not be published. Required fields are marked *


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Back to top button

My News Matters to me - Washington Informer Donations

Be a Part of The Washington Informer Legacy

A donation of your choice empowers our journalists to continue the work to better inform, educate and empower you through technology and resources that you use.

Click Here Today to Support Black Press and be a part of the Legacy!

Subscribe today for free and be the first to have news and information delivered directly to your inbox.


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker