Thursday, October 7, 2010
American Apparel Saved?
Its looking more and more likely that the Hipster Haven, American Apparel, will survive post recession. They have been working hard to make sure the brand stays alive and have gotten some pretty big breaks from their financiers!
The Cut reports,
"American Apparel's stock rose 16.3 percent to $1.43 on Friday thanks to the deal. The stock peaked at $15 in December of 2007 and plummeted to 66 cents this year. Under the terms of the new agreement with Lion, American Apparel is not completely out of the woods. They still have to do things to prove they are a functional retail establishment worthy of this aid to its survival, like, oh, sell merchandise. The company must turn a pre-tax profit of $20 million over the 12 months ending January 31, and by September 2013 must rake in $80 million."
So lets hope they can keep on this lucky streak and turn their business around! Because where else would we go for our deep deep V Necks and Gold Metallic Leotards! hahaa