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American Apparel's problems keep getting worse. Yet another New York City location has closed, this time at 73rd Street and Broadway, neighborhood blog West Side Rag reports. While the sign on the door reads "we've moved," it directs shoppers to a store on 60th Street that's been open for a long time.
The news follows the brand's most recent quarterly report, which revealed that sales have been down 17% and that stocks are being traded at just 14 cents per share. Some business outlets have predicted that bankruptcy could be in American Apparel's future within the year, keeping in step with the larger problems being faced by early aughts hipster brands like Urban Outfitters.
As for the empty storefront, the blog posits that it could end up being absorbed into the vacant Loehmann's next door to make way for a larger tenant.