Billionaire investor and philanthropist George Soros may be behind a deal that could extend $80 million in credit to American Apparel.
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The company reported that for the month of February, 2012, total net sales increased 13 percent to $42.1 million when compared to the month ended February 28, 2011. Between the same periods, comparable store sales increased an estimated 10 percent and wholesale net sales increased an estimated 24 percent.
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American Apparel announced several executive-level positions this month. Stacey Shulman was named chief technology officer, and Jordan Schiff was named general merchandise manager earlier in February.
American Apparel Inc. has appointed Stacey Shulman as chief technology officer. Shulman was previously the company's vice president of technology and will have responsibility for American Apparel's global information and technology operations.
American Apparel Inc. today announced that Jordan Schiff joined the company as general merchandise manager effective February 13, 2012. In that role, Schiff will be responsible for the merchandising strategy and execution for the brand globally.
American Apparel Inc. reported that for the month of January, 2012 total net sales increased 14 percent to $41.4 million. For the same period, comparable store sales increased an estimated 15 percent on an estimated 11 percent increase at retail stores and an estimated 39 percent increase in online sales. For the month wholesale net sales increased an estimated 21 percent.
American Apparel Inc., the young-adult clothing retailer, said an investigation by the U.S. Securities and Exchange Commission into its accounting practices ended without enforcement.
The investigation was completed and the SEC doesn't recommend any action, the Los Angeles-based company said today in a regulatory filing.
The SEC requested documents from the chain in 2010 after Deloitte & Touche LLP quit as its accounting firm and was replaced by Marcum LLP. Before ending the relationship, Deloitte notified the retailer that its 2009 financial statements may not be reliable.