American Apparel Cures Delisting Threat

americanapparelLos Angeles—American Apparel Inc. won’t lose its New York Stock Exchange (again) after all.

Late Wednesday the specialty retailer said the NYSE informed it that the company was back in compliance with listing requirements. In February, American Apparel was warned that it could lose its listing if it did not clean up certain financial problems, relating to debt payments, due this month.

Fortunately, the retailer was able to raise some $30.5 million by selling 61 million new shares. Swiss investment firm FiveT Capital and affiliates acquired 22 million of those shares.

American Apparel announced separately that it would hold its annual meeting on June 18 in New York City.

 

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Jeff Prine, Editor at Large, Accessories Magazine
Jeff returns as a regular contributor to Accessories magazine. Initially Jeff worked as senior editor at Accessories more than 20 years ago and his love of the industry has followed him until present. Since his tenure here, Jeff has continued to report jewelry, watch and other luxury goods trends as executive editor at Modern Jeweler magazine, fashion director at Lustre, and as contributor on products and trends for consumer and trade publications and websites. In addition to his editorial experience, Jeff also served as an adjunct instructor for accessories merchandising at Fashion Institute of Technology. jeffp@busjour.com

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