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American Apparel in trouble, and this does NOT involve sexual harrasment

Images + Post By: | March 11, 200963 Comments

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We all know that American Apparel has had their share of legal battle since they opened. Founder, Dov Charney, seems to always be battling sexual harassment cases from young girls and  (former) employees. But their current trouble does not involve sex at all (shocking!!).

Following an expensive refinancing in December, American Apparel must raise $16 Million in new financing by Friday in order to avoid issuing warrants for two million shares to lender SOF Investments, to which it owes $51 Million. This isn’t even the worst of their problems. There is a more critical deadline looming, March 21, this is the day to decide to renew or extend the April 20 maturity date of the SOF loan. If AA can not renegotiate the loan by that date, they must immediately pay the $60.6 million loan. Whoooa! Here’s another little issue- as of September 30, the t-shirt company had $13.9 million in cash on it’s balance sheet, and $111.6 million in debt.

“These troubles have been reflected in the stock price, which shows investors believe the company is a candidate for bankruptcy-despite it’s positive retail performance-due to it’s highly leveraged position and dependency on lenders” said Howard Davidowitz, chairman of Davidowitz and Associates, a retail and consulting and investment banking firm located in NYC.

Better stock up now on overpriced over-the-knee socks quick!

Via: WWD

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