Wednesday, August 18, 2010
Get ready, New York will soon have more commercial space for rent - American Apparel is going down, finally.
photo: THE INDEPENDENT
With $91 million in debt, it's unlikely that the favorite underwear supplier to the City's hipsters will recover.
As founder and CEO of American Apparel, Dov Charney says "Hipsters are from a certain time period. The stereotype of a hipster is not something people aspire to anymore. Do you want to be a hipster? Nobody wants to be a hipster."
Too bad Charney couldn't figure that one out $91 million ago.
Now if we can only get rid of Starbucks.