American Apparel files for bankruptcy.

In what should come as a surprise to absolutely no one, American Apparel has filed for Chapter 11 bankruptcy protection. The company had been losing money every year since 2010, and has recently been beleaguered by ousted CEO Dov Charney's constant money-draining lawsuits. Meanwhile, painful restructuring cuts reduction of benefits, and hundreds of stores closing, created an environment in which hostile employees protested by beating the shit out of a piñata that looked like new CEO, Paula Schneider. What would you expect from a company whose advertising looked like jailbait porn.

Under the terms of the bankruptcy protection, American Apparel will keep 130 of its stores open as well as its LA manufacturing center open. According to the New York Times, the bankruptcy petition still has to be approved and its shareholders, including former CEO Dov Charney, could stand to lose millions, with Charney himself having 8.2 million on the line.

While a few people like Gavin McInnes are blaming the witch hunt of Charney and his ouster for the store's demise, the reality is more economic than social: retail is going through a tough time right now. Over the past five years, the first year American Apparel started losing profit, thirty-three brands filed for bankruptcy including Quiznos, and Sbarro, Delia's, Loehmann's, Wet Seal and Radioshack. The economy has been stagnant for the better part of the decade.

It's tough to say whether American Apparel will recover, (it's difficult, but not unheard of ) but one thing is for certain: hard choices will need to be made in order to weather the storm.

On the plus side, for once, the advertising isn't to blame. #silverlinings