American Apparel Could Seek Cash for Restructuring

Reuters

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.

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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)