ML-Implode News - American Apparel topples into bankruptcy again

``"The company faced unfavorable market conditions that were more persistent and widespread than the debtors anticipated," American Apparel chief restructuring officer Mark Weinsten said in a court filing. "These market conditions were particularly detrimental to retailers." He said American Apparel's turnaround strategy "completely failed" as the company reported a 33% decline in year-over-year sales as of Sept. 30.
The chainÂ secured bankruptcy financing to keep its doors open for now, but Weinsten said the cash would run out by the end of the year.

In the fiercely competitive teen fashion space, fast-fashion retailers H&M and Forever 21 have bulldozed their rivals in recent years. In 2016 alone, bankruptcies have included Aeropostale and Pacific Sunwear.
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With 110 stores in 28 states and the District of Columbia, American Apparel has dwindled in size from the time of its original bankruptcy filing, when it had about 8,500 employees at six factories and 230 stores worldwide.

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American Apparel topples into bankruptcy again