American Apparel Going Out of Business?

Buy all the Summer T’s you can ! The fashionable basics chain store American Apparel Inc reports 18m first quarter loss. The Los Angeles based company stated, “it may not be in compliance with a covenant under its credit agreement. Non-compliance may impact the company’s ability to carry out its operating plan for 2010”. American Apparel total first quarter debt increased to $91.4 million from $83.4 million in the fourth quarter. There shares have been falling extremely low in trading and has not been the same since March 2009.

It seems like now is the time to stock up on all your neon tights, leotards and crop tops!

– TiffanyRose

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