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American Apparel files for bankruptcy

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Troubled teen apparel retailer American Apparel Inc filed for bankruptcy protection on Monday and said it had reached a restructuring support agreement with 95 pervcent of its secured lenders.

[BENGALURU] Troubled teen apparel retailer American Apparel Inc filed for bankruptcy protection on Monday and said it had reached a restructuring support agreement with 95 per cent of its secured lenders.

"This restructuring will enable American Apparel to become a stronger, more vibrant company," chief executive Paula Schneider said in a statement.

The company listed assets and liabilities of between US$100 million and US$500 million in its bankruptcy filing.

REUTERS

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