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The
teen retailer, founded in 1989, made its clothes in Los Angeles
and was known for its sexually charged advertising.
The Camden High Street branch in north London is now the only
one of the 13 British stores remaining open.
“Over the last seven weeks, we have carried out our intention to
trade all of the stores on a short-term basis in order to sell
the stock and realize value for the creditors. The Camden store
will remain open into January,” Jim Tucker, Joint Administrator
and Restructuring Partner at KPMG, said in a statement.
American Apparel filed for Chapter 11 bankruptcy in the U.S. in
October 2015.
Canadian manufacturer Gildan Activewear Inc. has agreed to buy
the brand’s worldwide intellectual property rights for about $66
million U.S, but has said it does not want to acquire the stores
themselves.
At least eight US teen retailers, including Wet Seal LLC and
Pacific Sunwear of California Inc, have filed for bankruptcy in
the past two years as the spending habits of young people shift
and they visit malls less often.
(Reporting by Camilla Hodgson; editing by Stephen Addison)
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