In exclusive interview with Counselor,
“First of all, the announcement about us possibly seeking bankruptcy protection is something we did as an obligation to shareholders to explain that it’s a possibility, however remote,” said Charney, who founded American Apparel. “In reality, to say that the company is unstable is not accurate.”
In light of recent reports that American Apparel is in financial trouble, Charney told Counselor Senior Editor Michele Bell that while the company suffered net losses of $86.3 million in 2010, its ad specialties sales were only down 1%.
Charney, who rarely gives interviews, reached out to shed light on his unconventional company and his role in it. He said the company’s ad specialty sales for the first quarter of 2011 are up, and that he sees a very positive trend in the sale of wholesale merchandise to the ad specialty industry.
“Things are healthier this year than last year, across the board,” Charney said. “We had difficulties last year in the manufacturing process because we had to change over the workers,” he said, referring to an immigration inspection last year that caused the company to replace employees who appeared not to be authorized to work in the
“There’s no chance this industry has to worry about me, or American Apparel, leaving,” Charney told Counselor. “I’ve been producing and selling T-shirts in this industry for more than 20 years and I’m not going anywhere. American Apparel will be producing T-shirts 20 years from now, I assure you.”
Charney said his company has over 14 million garments in its
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The Advertising Specialty Institute is the largest education, media and marketing organization serving the advertising specialty industry, with a membership of over 26,000 distributor firms (sellers) and supplier firms (manufacturers) of advertising specialties. Supplier firms use