The $600,000 dollars that Oak's founders offered to buy back its brand from American Apparel, who disclosed plans shutter the business last month, might not be enough. WWD reports that a ruling was filed in the courts on Friday regarding the closure, though it's not clear exactly what that means for the brand at this point. This involves all four Oak stores — Noho, Williamsburg, and the two in LA — plus its online store, as well as nine other American Apparel stores across the country.
Just last week, lawyers on behalf of Oak founders Jeff M. Madalena and Louis Terline argued that the figure they're willing to put up would be greater than what its parent company would make in liquidation sales, though American Apparel might be thinking otherwise. Regardless, we'll keep you updated on whether you'll be breathing a sigh of relief or preparing to shop what would be a ridiculously good closing sale in the coming weeks.