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American Apparel tells shareholders they may lose their shirts by Phil Wahba

Paula Schneider

 

The clothing retailer warned investors they could lose everything if it is unable to raise more money and American Apparel reported another quarter of big losses.

American Apparel’s cash problems keep getting worse.

Late on Tuesday,  APP -38.07% implied in a filing that the company may be forced to seek bankruptcy protection if it can’t line up more money.

“The Company’s existing and any new investors could suffer substantial or total losses of their investment in its common stock, ” American Apparel said in the filing. The company has warned about cash issues before. But it was the first time it had warned shareholders that their investment in the company could end up worthless.

Read the full story, click here 

Fortune by Phil Wahba

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