American Apparel's Dov Charney Blames Immigration Reform For Company's Troubles
American Apparel, the risqué-advertised and hipster-chic clothing retailer, is struggling to lift itself out of the financial dumps. The company's debt has risen to $120.3 million, up more than 33% since March. Share prices have plummeted to an all-time low of 66 cents after consecutive days of 20% or higher drops. It missed its recent 10-Q filing and received a letter from the NYSE that threatened their de-listing. But neither American Apparel's financials nor nasty reports of sexist hiring practices are too blame, says founder and CEO Dov Charney and a company spokesperson.
The problem here is immigration reform.