The top story in WWD today is about American Apparel and how badly they need to make money if they want to survive. To that end, the company hired bad-boy retail executive Marty Staff — the kind of dude who plays by no rules but his own — who reasons that if customers don't want to buy American Apparel in American Apparel stores, maybe they'll want to buy it if they wholesale it to other stores. Staff sure has his work cut out for him. Just see the numbers:
For the nine months ended Sept. 30, the company reported a net loss of $67 million compared to a net loss of $1.9 million in the 2009 period, while net sales declined 2.9 percent to $389 million. Gross margin decreased to 51.4 percent, down from 58.1 percent in the year ago period.