American Apparel re-engages with potential buyers in bankruptcy deal: source
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New York
AMERICAN Apparel LLC has resumed talks with at least two potential bidders for the US teen clothing retailer, after bankruptcy sale negotiations with brand licensor Authentic Brands Group LLC stalled earlier this week, a source close to the company said on Tuesday.
American Apparel is looking for a buyer as it prepares for its second bankruptcy in as many years. Declaring bankruptcy would allow any buyer of the Los Angeles company to avoid tens of millions of dollars in liabilities, including leases for around 140 stores in the United States and Canada.
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