American Apparel is on its way out and has almost completely exited the U.K.
The bankrupt retailer closed 12 of its 13 retail outlets in the U.K. as of last week and 147 jobs went with them, according to Reuters. Now the retailer’s Camden High Street location in London is the last British store standing.
“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,” KPMG joint administrator and restructuring partner Jim Tucker told Reuters. “The Camden store will remain open into January.”
American Apparel’s present problems are manifold. Earlier this month the retailer found itself in conflict with Tri-Star Dyeing & Finishing Inc., which it sued alleging that the dye house wouldn’t release its fabric until American Apparel paid $100,000 in outstanding invoices from before it filed for bankruptcy in October. American Apparel needs the ordeal sorted to make way for Gildan Activewear’s bid to buy it.
The Canadian manufacturer has a $66 million bid in to buy the American Apparel name, but so far the company doesn’t seem keen on acquiring the retailer’s stores.
Bankruptcies have been commonplace among retailers in recent years—at least 10 filed for bankruptcy this year alone—including Sports Authority, Aeropostale and BHS, and more are expected in the coming years as shifting consumer demand forces greater consolidation.