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American Apparel filed for bankruptcy around this time last year, but it seems the firm’s turnaround plan never really took hold and people familiar with the matter say it’s preparing to file for bankruptcy again.
The filing could come within the next few weeks and pave the way for the company’s sale and/or shuttering of its retail operation, Bloomberg reports. Yet the plan isn’t set in stone and those familiar with the situation say things could change as the holiday season begins.
The retailer only emerged from bankruptcy in February when Monarch Alternative Capital and former bondholders took over the company and implemented a back-to-basics turnaround strategy that ultimately failed. While some speculate the firm will successfully sell its brand and 200 retail stores, American Apparel is currently in limbo. [Bloomberg]
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