American Apparel warns it might close

The exterior of an American Apparel clot
Source: Getty

American Apparel yesterday warned it might go out of business within a year, even after the clothing chain increased its credit line. It reported that sales sank 17 per cent to $134.4m (£86m), and the net loss expanded to $19.4m from $16.2m. It has been in turmoil since it suspended and then fired founder and chief exec Dov Charney for alleged misconduct.

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