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Embattled American Apparel issues blunt warning to shareholders
New York -- Things are not getting any better at the struggling and cash-poor American Apparel. In fact, it looks like they are getting worse.
In a short form quarterly filing, the retailer said its net loss increased to $19.4 million in the second quarter from $16.2 million in the year-ago period while net sales fell 17% to $134 million. It estimated that, as of June 30, it had only $7 million in cash and $6 million left in its Capital One credit line. (American Apparel’s full quarterly filing will be delayed.)
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Macy’s in real estate deal with Tishman Speyer for Brooklyn store
New York -- Macy’s has joined the increasing number of retailers tapping into their real estate assets.
Macy’s on Wednesday announced a real estate purchase agreement with developer Tishman Speyer to sell several of the nine floors of the Macy’s store on Fulton Street in Brooklyn, New York. The real estate transaction is expected to be completed in the fourth quarter, and Macy’s is expected to record a gain of approximately $250 million in its fiscal fourth quarter of 2015.

