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Monday, 5 October 2015

American Apparel Files For Bankruptcy

Once a wardrobe essential for teens and clubbers, the brand was hit by falling sales and allegations against its founder.

American Apparel has a network of 260 stores worldwide

Fashion company American Apparel has filed for bankruptcy after suffering from plunging sales and a battle to oust its controversial founder.

The one-time favourite with teens and hipsters said it had reached a deal with 95% of its lenders to reduce its debts and will file for chapter 11 bankruptcy protection.

The deal, which includes extra financing, would enable the company to keep running its Los Angeles-based manufacturing operation and 130 US stores.

No job cuts were mentioned in the filing, which is not expected to affect American Apparel's worldwide stores, which include 20 outlets in the UK and Ireland.

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