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It’s been less than a year since American Apparel emerged from Chapter 11 bankruptcy protection in the US, and the troubled firm’s next bankruptcy is already underway—this time in the UK.
On Tuesday the firm placed its 13 UK stores in administration, the British equivalent of Chapter 11, the Wall Street Journal reports.
“The American Apparel group has been experiencing strong retail headwinds, which has culminated in the US parent deciding to stop inventory shipments to the UK,” says restructuring firm KPMG’s Jim Tucker. American Apparel continues its search for a buyer for its US businesses, and though it’s likely UK stores aren’t part of the sale, doors are expected to close after Christmas. [WSJ]
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