There's going to be a lot of empty store fronts very, very soon.
American Apparel was warned yesterday that there is "substantial doubt" as to whether or not it it can continue as a business. Shares of the retailer lost 26 percent of their value yesterday after the company said it may breach a credit agreement at the end of the month. This, in business jabber, that the company might have to file for bankruptcy and obviously, bankruptcy is not something that loan officers look to kindly on in the future.
American Apparel's shares reached an all time low of $1.03 a share, which doesn't help that this year's quarter loss after June 30 is already looking like $7 million.
It's not like they haven't had fair warning or anything…
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