New focus: American Apparel plans to create new products, launch new design initiatives, invest in new stores, grow its e-commerce business. — AFP
NEW YORK: American Apparel Inc filed for bankruptcy protection after posting years of losses as the clothing retailer, which fired controversial founder Dov Charney last year, seeks to reorganise debts that have ballooned to levels exceeding its assets.
As part of a pre-arranged Chapter 11 restructuring, more than US$200mil of bonds will be exchanged for equity interests in the reorganised company and the clothing retailer will have access to financing after its restructuring, American Apparel said in a statement via PR Newswire yesterday.
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