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American Apparel Files for Chapter 11

on 10/20/2015 - 11:40 am

American Apparel filed for Chapter 11 bankruptcy on Monday after its made-in-the-U.S. model faltered, its fashion sense slipped and its controversial former CEO became embroiled in scandal over his behavior in the workplace.
The embattled retailer said it has already reached agreements with creditors representing 95% of its secured debts to execute a restructuring plan. The deal, which would require a court's approval, will allow the company to stay in business, American Apparel said in a statement.
 
American Apparel filed for Chapter 11 bankruptcy on Monday after its made-in-the-U.S. model faltered, its fashion sense slipped and its controversial former CEO became embroiled in scan ...