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AMERICAN APPAREL: emerges from Chapter 11

AFTER it had implemented its restructuring plan, American Apparel emerged from Chapter 11 bankruptcy status. The plan provides considerable additional liquidity and slashes interest expenses by USD 20m. CEO Paula Schneider said that the removal of the enormous debt burden would allow the chain to focus exclusively on its strategic turnaround through the design of fresh products, progressive marketing campaigns and investing in new stores in promising locations.

American Apparel

American Apparel

It remains to be seen whether, when deprived of founder Dov Charney’s dynamic vision, the chain can resume its former solid performance.

 

See also:

AMERICAN APPAREL: bid by former CEO rejected

AMERICAN APPAREL: Charney leads rescue bid

AMERICAN APPAREL: sales decline continues

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