The Beginning of the End of Hipsters? - Chicagoland Sportbikes
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post #1 of 19 (permalink) Old 08-18-2010, 01:14 PM Thread Starter
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The Beginning of the End of Hipsters?

http://www.huffingtonpost.com/2010/0..._n_685065.html

Troubled clothing chain American Apparel Inc. said Tuesday it might not have enough liquidity to sustain itself over the next year.

The news pushed shares down nearly 30 percent to a fresh low.

The company also reported Tuesday a preliminary second-quarter loss. It expressed doubt about its ability to continue as a "going concern," standard language foreshadowing a possible bankruptcy.

American Apparel also said it might fall out of compliance with a credit agreement by Sept. 30. It is working with a lender to amend the agreement, but cautioned that without a reprieve, there may be a damaging financial chain reaction that could force the company to pay both credit lines immediately.

Known as much for its racy ads and outre behavior of CEO Dov Charney as its inexpensive leggings and T-shirts, American Apparel has expanded rapidly since going public in 2007 and operates about 260 stores in 19 countries.

For the quarter ended June 30, American Apparel expects a loss of $5 million to $7 million, compared with a loss of $7.3 million in the second quarter.

It expects revenue to fall to $132 million to $134 million, from $136.1 million last year.

Revenue in stores open at least one year fell 16 percent during the quarter.

In a filing with the Securities and Exchange Commission, the company said it expects losses from operations to continue through at least the third quarter.

American Apparel's auditor Deloitte & Touche resigned earlier this month and American Apparel hired back Marcum, its former auditor. American Apparel said its auditor needs more time to file its second-quarter results with the SEC and will file them "as soon as practicable," no later than Sept. 15.

Deloitte is reviewing earlier financial results to see if they may need to be restated.

Additionally, American Apparel, which is based in Los Angeles, also filed its first-quarter results with the Securities and Exchange Commission. Those earnings had been delayed and if they weren't filed by Monday, the company could have faced delisting.

For the quarter ended March 31, net loss totaled $42.8 million, or 60 cents per share, from $10.6 million, or 15 cents per share last year.

Revenue rose 7 percent to $121.8 million.

Shares fell 36 cents, or 25.9 percent, to close at $1.03 Tuesday, earlier trading at a new low of 98 cents.

The stock had traded between $1.14 and $3.95 during the past year.
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post #2 of 19 (permalink) Old 08-18-2010, 01:31 PM
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never heard of them, are they similar to A&F? i guess i'm not a hipster anymore
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post #3 of 19 (permalink) Old 08-18-2010, 01:40 PM
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Let's bail them out.

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post #4 of 19 (permalink) Old 08-18-2010, 01:55 PM
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Let's bail them out.
Let's not.
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post #5 of 19 (permalink) Old 08-18-2010, 02:29 PM
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Let's not.
I like the signs
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post #6 of 19 (permalink) Old 08-18-2010, 02:30 PM
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Isn't Dov Charney a coke snorting pedophile or something?

Okokok, maybe not, but in feminist circles he's outright hated and typically AA stuff is frowned on since he's a well known misogynistic asshole.

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post #7 of 19 (permalink) Old 08-18-2010, 02:34 PM
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Quote:
Originally Posted by elroy121 View Post
never heard of them, are they similar to A&F? i guess i'm not a hipster anymore
+1

But then again, I do own a Ed Hardy shirt.

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image v. substance. Some people want to be motorcyclists, others just want to be seen as motorcyclists.
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post #8 of 19 (permalink) Old 08-18-2010, 02:34 PM
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Isn't Dov Charney a coke snorting pedophile or something?

Okokok, maybe not, but in feminist circles he's outright hated and typically AA stuff is frowned on since he's a well known misogynistic asshole.
I posted an article up about him here a few years ago - when the female interviewer came into his office he pulled his dick out.

Quite a piece of work

Never bought an article of clothing from them, walk past their store every day and never stepped inside once (they are in the old Anne Sathers on Belmont now - split with Comedy Sports)

That said I did like the idea of clothes made in the USA - even if he pays around min wage - at least it's clothing made here.

I have a t-shirt from there from a vendor - it's the softest cotton t-shirt I have... the wife stole it, she sleeps in it



edit

I don't see the article from Jane magazine - but this is the authors site
http://www.claudineko.com/storiesamericanapparel.html

Last edited by iamnotgreg; 08-18-2010 at 02:39 PM.
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post #9 of 19 (permalink) Old 08-18-2010, 02:35 PM
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If they would have shipped their operations to China, they still would have been in business.

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Quote:
Originally Posted by Rob, Esq. View Post
image v. substance. Some people want to be motorcyclists, others just want to be seen as motorcyclists.
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post #10 of 19 (permalink) Old 08-18-2010, 02:36 PM
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post #11 of 19 (permalink) Old 08-18-2010, 02:37 PM
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Looks like clothing for bi-curious men. Pass.

<- Erwin

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Originally Posted by Rob, Esq. View Post
image v. substance. Some people want to be motorcyclists, others just want to be seen as motorcyclists.
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post #12 of 19 (permalink) Old 08-18-2010, 02:39 PM
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Quote:
Known as much for its racy ads and outre behavior of CEO Dov Charney as its inexpensive leggings and T-shirts, American Apparel has expanded rapidly since going public in 2007 and operates about 260 stores in 19 countries.
Inexpensive?
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post #13 of 19 (permalink) Old 08-18-2010, 02:39 PM
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Looks like clothing for bi-curious men. Pass.
you didn't click the link did you
http://i.americanapparel.net/storefr...010/Browse.asp
CLICK IT!
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post #14 of 19 (permalink) Old 08-18-2010, 02:40 PM
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Quote:
Originally Posted by elroy121 View Post
never heard of them, are they similar to A&F?
no.


hipsters do love that place.

Chris
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post #15 of 19 (permalink) Old 08-18-2010, 02:42 PM
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Originally Posted by iamnotgreg View Post
you didn't click the link did you
http://i.americanapparel.net/storefr...010/Browse.asp
CLICK IT!
booyaa


<- Erwin

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image v. substance. Some people want to be motorcyclists, others just want to be seen as motorcyclists.
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post #16 of 19 (permalink) Old 08-18-2010, 02:45 PM
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Originally Posted by iamnotgreg View Post
That said I did like the idea of clothes made in the USA - even if he pays around min wage - at least it's clothing made here.
Yeah, this was always the conflict for me, I thought they were great until it got creepy.

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post #17 of 19 (permalink) Old 08-18-2010, 02:46 PM
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Originally Posted by truckstop View Post
Yeah, this was always the conflict for me, I thought they were great until it got creepy.
I went back and edited the post with a link to the article
It's "interesting"
At least I think you'll find it to be an interesting read
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post #18 of 19 (permalink) Old 08-18-2010, 03:01 PM
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did anyone think hipsters were gonna stay around? they do eventually have to get jobs.

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post #19 of 19 (permalink) Old 08-18-2010, 03:12 PM
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Boo - I thought this thread was about 2 Strokes going away in GP....

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