Times are tough for American Apparel. The company has just sent out a press release outlining cost cutting measures which include laying off workers and closing under-performing stores.
It's all in a bid to save $30 million dollars over the next 18 months, and doesn’t guarantee the store will even be opening next year.
“There can be no guarantee that the company will have sufficient financing commitments to meet funding requirements for the next 12 months without raising additional capital,” the company said Monday.
The company also stated that it is defending itself from 20 lawsuits against controversial former CEO, Dov Charney and associates. Yikes.
In addition, American Apparel plans to release an advanced Fall line. “The new styles are designed to increase revenue as we continue to evolve our product offering during this important selling season.”
Here's hoping they pull through.