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American Apparel, which filed for Chapter 11 bankruptcy protection last week, said it would become profitable in 2018.
The Los Angeles company predicts that its reorganization plan—designed to shed heavy debts and interest payments—will help turn its fortunes around in three years, according to a Thursday filing with the Bankruptcy Court in Delaware.
American Apparel has suffered net losses totaling nearly $384 million over the last five and a half years. But under its plan, the company said its net income would be $6 million in 2018. By 2020, American Apparel predicted it would pull in a profit of $23.7 million.
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