American Apparel has had its fair share of financial and legal troubles this year. In addition to its potential lawsuit from Levi & Korsinsky and its recent stock plunge, the retail company is now saying it will miss the filling deadline for its second quarter posting and expects to see losses. The retailer lost its accountant Deloitte & Touche due to “the material weaknesses in internal control” in July and last September, laid off 1,500 workers at the company’s LA-based production facilities after an illegal immigrant investigation. All of this on top of mounds of debt, a significant decrease in sales, and high production costs, could be a few reasons for the delay. More...
American Apparel has had its fair share of financial and legal troubles this year. In addition to its potential lawsuit from Levi & Korsinsky and its recent stock plunge, the retail company is now saying it will miss the filling deadline for its second quarter posting and expects to see losses. The retailer lost its accountant Deloitte & Touche due to “the material weaknesses in internal control” in July and last September, laid off 1,500 workers at the company’s LA-based production facilities after an illegal immigrant investigation. All of this on top of mounds of debt, a significant decrease in sales, and high production costs, could be a few reasons for the delay. More...
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