American Apparel considering bankruptcy
Posted on Wednesday, September 23rd, 2015 at 4:02 pm
Los Angeles-based retail and manufacturing company American Apparel Inc. is considering bankruptcy in order to restructure the company, Bloomberg Business reported.
Reports said the company is in the process of working with their advisers to come up with a plan to reorganize themselves in a bankruptcy court. The restructuring plan has been considered after American Apparel stated that they can no longer maintain the business next year, even if their credit line is increased. The plan is to work on a bankruptcy loan in order for the company to get funding from their creditors. Since 2010, the company had reported annual losses amounting to $338 million.
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