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American Apparel scrambles to find $160m Friday, 2nd September 2011
American Apparel is in talks to raise USD 160 million from several sources.
The American fashion retailer has been combating the effects of a long-standing sales slump and there has been talk of the prospect of bankruptcy if the company did not raise enough money to continue trading.
The restructuring plan could possibly include refinancing the company's debt held by Lion Capital LLP and Bank of America Corp.
Dov Charney, the controversial chief executive officer, may step aside as chairman so he can focus on day-to-day operations.