Doom and Gloom for American Apparel, Neiman Marcus

030109 american apparel banana
Racked.com

For those who might have thought a brand like American Apparel was recession-proof (they sell T-shirts and leggings, for goodness' sake), here's some news: WWD refers to the brand as "cash-poor" and now they've been forced to sell an 18% stake in their company to a private equity firm. According to CNN Money, the brand was potentially facing Chapter 11 after taking on over $100 million in debt to expand over the past five years.

Then, on the other end of the spectrum, Neiman Marcus today posted a $509 million dollar loss, which will no doubt mean the brand's seriously reconsidering its infrastructure and ability to do the kind of luxury-goods business to which it's become accustomed.

And finally, a closing that hits a little closer to the editorial home: Yesterday was the last day of the Wall Street Journal's much-beloved fashion blog, "On the Runway." When the WSJ is closing its daily-updated fashion coverage, does that mean that the business of fashion is officially over?

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