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American Apparel gets delisting warning from the NYSE

Apparel retailer American Apparel has received a cautionary letter from the New York Stock Exchange. The letter mentioned it was not adhering to compliance guidelines because “it has sustained losses which are so substantial in relation to its overall operations or its existing financial resources. that it appears questionable, in the opinion of the exchange, as to whether the company will be able to continue operations and/or meet its obligations as they mature.”

American Apparel has been asked to come into compliance by November 15, 2015. If their plan is approved, the exchange will continue monitoring the company and review its progress on executing the plan, the filing by American Apparel said. If the company doesn’t submit a plan or if the exchange deems the plan unacceptable, it will start delisting process.

In a securities filing, the company said it was reviewing the exchange’s issues and has started preparing a plan on how to return to compliance. However, it added, there is no assurance that it will be able to submit a plan that addresses all problems and concerns of the stock exchange.

American Apparel, for its second quarter ended June 30, 2015 reported that net sales decreased 17.2 percent to $134.4 million from $162.4 million for the same period in 2014. Excluding the year over year impact from foreign exchange and stores closed in 2014, net sales decreased 14 percent from the same period in 2014.

www.americanapparel.net

 
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