American Apparel has emerged from Chapter 11 protection
American Apparel announced at the beginning of February that it had emerged from Chapter 11 as a private company after successfully implementing its plan of reorganisation. A Delaware bankruptcy court approved the plan on 27 January.
“I’m pleased to announce that our plan of reorganisation, which was supported by our Unsecured Creditors’ Committee and our bondholders, unanimously accepted by our voting creditors and confirmed by the Court, has now enabled us to emerge from bankruptcy in just a few short months. This is the start of a new day at American Apparel,” said American Apparel’s chief executive Officer Paula Schneider. “With the enormous debt burden removed, we can now turn our full attention to our strategic turnaround, which will benefit our customers, vendors and employees. Our strategy will focus on: designing fresh products and merchandising; launching new partnerships to grow the e-commerce platform; unveiling progressive advertising and marketing campaigns; investing in brick-and-mortar retail locations in more promising areas; and implementing rigorous planning and forecasting for timely product deliveries and to streamline excess inventory.”
www.americanapparel.net
