American Apparel Cures Delisting Threat

In Industry News, Reports, What's New by Jeff Prine

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.