Dov Charney: not so cool

All is not well in the land of hipster cotton. American Apparel has been having serious financial difficulties of late and further details emerged this week about Dov Charney's struggling empire. For the second quarter in a row, the company has been unable to file its financial report on time, meaning it could be delisted from the New York stock exchange.

American Apparel's problems are multiple. It opened new stores around the world in fashionable areas of cities at the height of ridiculous rent prices. Its stock price is falling. Last month, its auditors quit. It can't get credit from lenders. Its sales are falling. Among the trend setters, it's losing its edge. And at its helm, there's the unwaveringly eccentric CEO Dov Charney, who juggles accusations of sexual harassment against staff with his increasingly dire financial problems.

Any time we've been at the gigantic American Apparel shop in Dublin recently, the space has been frighteningly empty. Its clothes are expensive for teenagers, and the dragged-out launch of the outlet in the rather appropriate shadow of the busty Molly Malone statue meant that by the time it was actually open, it had already lost some of its coolness and appeal. (My, how fickle those leotard-wearing Trinity students are.)

Can Charney keep the dream of sexy ethical casual wear alive? Watch this knee-sock-wearing shiny-jacketed space.