American Apparel Off 22.2%; May Seek Bankruptcy Protection
Shares of American Apparel (APP) are down after the Los Angeles-based clothing company said the shortfall in its cash may force it to seek bankruptcy protection, Bloomberg reported. Two American Apparel board members from lender Lion Capital resigned to evaluate the investment, the report said, citing a regulatory filing. American Apparel shares are down 22.2%, or $0.214, to $0.75.
Credit: Financial News Network
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