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current news

American Apparel Financing Deal Stalls

(Filed Under Financial and General Interest News). Los Angeles-based retailer American Apparel may need to find a new avenue for financing as negotiations with a private equity firm have stalled.

American Apparel had been in talks with Colbeck Capital since August 2011 for a financing deal reportedly worth between $90 and $100 million dollars. The retailer, which has repeatedly denied that it will file for bankruptcy, needs the financing to pay off a Bank of America credit facility that matures in July 2012, as well as $114 million that is owed to London-based private equity firm Lion Capital.

The company reported that it continues to see improvements in retail sales thus far in the fourth quarter. November saw same-store sales rise from 7 percent to 10 percent, while online sales jumped 32 percent. C.E.O. Dov Charney stated that in addition to improved profitability at stores, another positive sign of American Apparel’s stability includes improved efficiency at the company’s manufacturing facilities. The retailer currently operates 249 stores in 20 countries.

more Financial and General Interest News >>

Published 12-14-2011 by Katherine Rautenberg

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