American Apparel Gains Access to $90 Million USD

The retailer will be prepared to handle billing and payroll problems.

Fashion
12,880 Hypes 0 Comments

Despite filing for bankruptcy on Monday in the wake of nearly $20 million USD in losses and an 87% decrease in share prices, American Apparel is not yet finished. Today a Judge Brendan Shannon in Wilmington, Delaware gave the retailer approval to tap into as much as $90 million USD in loans as it attempts to reorganize following years of losses. According to Shannon, the move “clears the runway” for the company to begin taking care of bills and payroll — it currently employs round 8,500 people in its stores and factories with 7,000 of those employees being in the United States alone.

According to the proposal submitted with the bankruptcy filing, American Apparel is planning on exchanging over $200 million USD of its bonds for stock following the company’s reorganization. The company listed $199.3 million USD in assets with debts totaling nearly $400 million USD. Ultimately, if the proposal is approved, the likes of Monarch Alternative Capital, Coliseum Capital and Goldman Sachs Asset Management will take ownership of the retailer.

Read Full Article

What to Read Next

American Airlines Now Offers Free Inflight Access to TikTok
Tech

American Airlines Now Offers Free Inflight Access to TikTok

In 30-minute increments.

Kyle Lowry Rumored To Seek $90 Million USD Three-Year Contract in Free Agency
Sports

Kyle Lowry Rumored To Seek $90 Million USD Three-Year Contract in Free Agency

Could Lowry be done with the North?

American Airlines Announces Hundreds of Flight Cancellations Due to Labor Shortage
Travel

American Airlines Announces Hundreds of Flight Cancellations Due to Labor Shortage

Flights are expected to be cancelled through to July.


'F9' To Become First American Film Since 2019 To Earn $500 Million USD Globally
Entertainment

'F9' To Become First American Film Since 2019 To Earn $500 Million USD Globally

The family has done it.

Majical Cloudz Announce New Tour & Release Video for "Downtown"
Music 

Majical Cloudz Announce New Tour & Release Video for "Downtown"

New video, new shows.

ALTS Design Office Develops Warehouse-Inspired Home
Design

ALTS Design Office Develops Warehouse-Inspired Home

Adding spacious comfort to everyday living.

Daniel Arsham x Bamford Watch Department Rolex Milgauss "The Black Moon"
Watches

Daniel Arsham x Bamford Watch Department Rolex Milgauss "The Black Moon"

A lunar look for Arsham and Bamford’s custom timepiece.

Stream King Louie's '6 God Tony' EP
Music 

Stream King Louie's '6 God Tony' EP

Chicago got a 6 God too?

Road Trips Berlin: Friedrichshain-Kreuzberg Café Guide
City Guides

Road Trips Berlin: Friedrichshain-Kreuzberg Café Guide

An exclusive first look at some our favorite coffee spots in Berlin’s most countercultural district.


T-Bruin Releases Visuals for "Smoke Break"
Music 

T-Bruin Releases Visuals for "Smoke Break"

Some of Atlanta’s finest up and comers at work.

Bondax featuring Erik Hassle - Temptation
Music 

Bondax featuring Erik Hassle - Temptation

Announcing last month that they were planning to release new music, UK production duo Bondax have

The Making of the Bugatti Vision Gran Turismo
Gaming

The Making of the Bugatti Vision Gran Turismo

“This car is no science fiction.”

Watch Florence + The Machine Perform "What Kind of Man" on Colbert
Music 

Watch Florence + The Machine Perform "What Kind of Man" on Colbert

Watch this stripped down version of “What Kind Of Man.”

Nike Tennis Classic AC Velcro "Black"
Footwear

Nike Tennis Classic AC Velcro "Black"

Reminiscent of luxury footwear.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Adblock Detected.

We charge advertisers instead of our readers. If you enjoy our content, please add us to your adblocker's whitelist. We'd really appreciated it.