American Apparel Could Seek Cash for Restructuring

Struggling teen clothing retailer American Apparel Inc (NYSE:APP) said it may need to raise more capital in the next 12 months as part of a new restructuring plan aimed at cutting costs.

The company, which is being sued by founder and former CEO Dov Charney, said its plan aims to cut costs by about $30 million over the next 18 months by cutting jobs and closing stores.

(Reporting by Ramkumar Iyer in Bengaluru; Editing by Saumyadeb Chakrabarty)