American Apparel founder Dov Charney said the retailer’s latest bankruptcy filing shows the company can’t stay afloat without him.
Charney was famously ousted from by his own board for misconduct in 2014.
American Apparel has filed for Chapter 11 bankruptcy protection for a second time in the US yesterday, less than a week after the firm’s UK business appointed administrators.
“This company can’t survive without my leadership,” Charney said in an interview on Monday, reported by Bloomberg. “They didn’t know how to run it. They took a company that could have lasted a century and crashed it into the wall.”
Canada-based Gildan Activewear said it will buy intellectual property rights related to the American Apparel brand and certain assets for $66m (£53m), but would not purchase any stores.
Charney is currently working on a clothing start-up based in LA.