American Apparel Files Chapter 11 Bankruptcy

Made-in-America clothing retailer American Apparel filed Chapter 11 bankruptcy this week in the wake of poor sales and pending litigation. According to USA Today, the retailer has reached debt restructuring agreements with the majority of its secured debt creditors. The company, who has 8,500 employees who work in six factories and 230 stores worldwide, told the court it plans to close unprofitable stores as part of its restructuring plan. At the time of filing chapter 11 bankruptcy, the … [Read more...]