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April 1, 2011

American Apparel warns it may file for bankruptcy

"Troubled clothing chain American Apparel Inc., losing money and faced with a cash crunch, says it may have to file for Chapter 11 bankruptcy protection.

The Los Angeles company warned in a filing with the Securities and Exchange Commission Thursday that it "may need to voluntarily seek protection under Chapter 11 of the U.S. Bankruptcy Code" if it can't improve its sales or cash position or find other sources of financing to keep it afloat."

Read more here.

April 1, 2011 in Current Affairs | Permalink

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