American Apparel Provides Update on Status of Accounting Evaluation
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On July 17, 2009, the company's management and the audit committee of the board of directors determined that the company will need to restate its previously issued consolidated financial statements for the year ended December 31, 2008 in order to reclassify its revolving credit facility as a current liability. As a result, the company determined that because of the pending restatement, the consolidated financial statements for the year ended December 31, 2008 should no longer be relied upon. The company's management and audit committee discussed these matters with Deloitte & Touche LLP and with Marcum LLP, the Company's independent registered public accounting firms through April 3, 2009.
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- American Apparel
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