Your Favorite Store on 37th and Walnut

Culture

Your Favorite Store on 37th and Walnut

It is no secret that American Apparel was having financial troubles over the past few months. As recently as August, it seemed as if this hipster retailer was only going to be in business for about another year. Sales were rapidly declining, and it looked as though American Apparel was going to declare bankruptcy. The news had college kids asking, “Where will we purchase our striped tube socks, colorful v-necks and neon leggings without this beloved store?”

CEO Dov Charney

The story changed a few weeks ago when main investor Lion Capital swooped in and offered assistance. Investors still see an opportunity for American Apparel to eventually return to profitability. Not only is the financial makeup changing but its leadership is as well. While CEO Dov Charney is still the main face of the company, the store has named Tom Casey, a former Blockbuster Inc. executive as its acting president to help redirect the company. Casey has no experience with apparel but has background in working with another troubled company (RIP Blockbuster). Casey will have the primary responsibility in developing the “going forward operating strategy of American Apparel.” What does this mean for all of us Penn students? After all of our anxiety, those colorful v-necks (and all of our other American Apparel staple items) will stay in stock on the corner of 37th and Walnut. Pheww…

–Whitney Mash

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