This summer, one retail analyst kindly pointed out that American Apparel is “on the cusp of a total collapse,” financially speaking. The company’s serious money troubles have droned on for years as the company struggled with making money, paying off loans, getting new loans to pay old loans, tumbling stock prices, their accounting firm quitting, and massive forced layoffs. Things got so bad that they’ve just kind of shut down altogether, as many humans tend to do when life slaps them in the face, and decided they wouldn’t report specific numbers anymore. Second-quarter results are due, but American Apparel won’t say exactly how much money they lost, exactly:
In a filing with the Securities and Exchange Commission, the Los Angeles company also said that it was “unable, without unreasonable effort and expense,” to file its quarterly report on time for the three months that ended June 30.
Running a giant company is a pain — the accounting, the keeping up with the accounting. American Apparel CEO Dov Charney will tell you:
When reached by phone Tuesday and asked to comment about its latest filing, Charney said: “I don’t know anything about it.”
It’s summer. When life turns the exact opposite of relaxing, just deploy the exit chute, throw your hands up, and wait for your little sceney outburst to make you a national hero.