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American Apparel Could Be Filing for Bankruptcy

Clothing store American Apparel might very well be on their way towards filing for bankruptcy, as the company has announced that it is uncertain whether or not they have the funds to continue operations as they currently stand.

It is being estimated that their losses for the second quarter will fall somewhere in between five and seven million dollars. They are currently in the vicinity of $91 in debt.

As CEO Dov Charney told BusinessWeek.com at the beginning of August, "A lot of assumptions that I grew up with are no longer reality. Those were things that we could rely on: that lenders will always be there, that they'll behave ethically and they'll always have money, that you can trust that as the sun comes up the consumer will be healthy, that we'll always be close to full employment in developed nations. Now there are no certainties."

If you or a loved one are currently considering filing for bankruptcy, whether it be Chapter 7, Chapter 11 or Chapter 13, it is vitally important that you contact Pacific Attorney Group as soon as you can. By working with a knowledgeable bankruptcy lawyer, you can be confident that you will be navigated through the process with as much ease as possible, giving you the clean slate you need to move forward in your life.

Categories: Bankruptcy, In the News