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Embattled American Apparel Tries On Bankruptcy

2015-10-05 23:34:03| Semiconductors - Topix.net

Los Angeles-based clothing manufacturer, with stores in Irvine Spectrum, Huntington Beach and Costa Mesa, will file for Chapter 11. Trendy Los Angeles-based clothing manufacturer and retailer American Apparel, which fired its founder and CEO last year amid allegations of personal misconduct and misuse of company funds and which has been facing serious financial challenges, says it is filing for Chapter 11 bankruptcy protection today after striking a deal with 95 percent of its secured lenders. "This reorganization will enable the company to implement a comprehensive transformation strategy to revitalize the business and brand, while keeping its production and operations in the U.S.," the company said in a statement.

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