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American Apparel loses $26M in first quarter
While American Apparel implements a “strategic turnaround plan,” the severity of the company's financial problems is worsening.
Net loss at American Apparel Inc. grew to $26.4 million in the first quarter of fiscal 2015, from $5.5 million the same quarter a year earlier. Net sales dropped 9% to $124.26 million from $137.1 million. Same-store sales fell 5%.
