LONDON Dec 23 Nearly all the UK stores of
U.S.-based clothing brand American Apparel, which went into
administration in Britain last month, have closed, with the loss
of 147 jobs, administrators KPMG said on Friday.
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
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
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)