- Photo source: Oak
The Oak chain of clothing stores, a seller of avant-garde basics to urban creatives, is back in the hands of its two founders after a brush with death during American Apparel
Inc.’s bankruptcy case.
Louis Terline and Jeff Madalena, who opened the first Oak location in 2005 in Willimsburg, Brooklyn, bought the retailer back from American Apparel earlier this month. The deal saved Oak’s four stores that are divided between the New York City area—there is also one on NoHo’s Bond Street and one in Greenpoint, Brooklyn—and Los Angeles.
With help from a Canadian investor, the duo paid just under $600,000 for the brand they sold in 2013.
Lawyers who put American Apparel in bankruptcy
tried to shut down Oak’s stores last fall. Oak’s expensive clothing line, though similar to American Apparel’s artsy minimalist style, didn’t quite fit in with the Los Angeles manufacturer’s business, they said.