Mon, 09 Aug 2010 | BUSINESS SALE
Following the resignation of US clothing chain American Apparel's auditor Deloitte last month, the owner, private equity firm Lion Capital, is said to be considering a sale.
The chain, which is based in America but has 14 shops in Britain, has been facing an uncertain future for some time following a renegotiation of its debt with Lion Capital in June. Deloitte's resignation led to shares in the beleaguered company plunging by more than 60 per cent over the past year.
One option that could be considered is the sale of the British arm of the business – 14 stores out of the total 280 global branches.
In March last year, London-based Lion agreed a £50 million loan to American Apparel and, under the original terms, Lion is able to convert the debt into an 18 per cent stake in the business.
A source said the firm was 'evaluating its options' for American Apparel in the light of Deloitte's decision, but that it remained 'supportive for now.'
American Apparel now has until 16 August to update the New York Stock Exchange on its financial performance. If it does not do so, it runs the risk of being de-listed.
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