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American Apparel Administrator Appointed

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According to KPMG, Jim Tucker and Richard Beard of KPMG were appointed joint administrators of American Apparel (UK) Ltd and American Apparel (Carnaby) Ltd (the Companies).

The Companies run the U.K. retail and wholesale operations of American Apparel. The U.K. business trades from 13 stores. American Apparel’s brand and U.S. business is being sold, although the U.K. and certain European operations are not part of the sale and are therefore likely to be wound down.

Jim Tucker, joint administrator and restructuring partner at KPMG, comments, “The American Apparel group has been experiencing strong retail headwinds, which has culminated in the US parent deciding to stop inventory shipments to the UK. The UK business has experienced similar trading difficulties, resulting in the appointment of administrators. “The 13 UK stores are well stocked and will continue to trade as usual in the lead up to the peak Christmas trading period.  Whilst the UK business is not part of the US sale, a number of the UK stores are in prime high street locations, and we will also aim to sell individual stores following the Christmas trading peak.”

Read more retail bankruptcy news.

The post American Apparel Administrator Appointed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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