American Apparel Inc. plans an unspecified number of store closures and layoffs as part of a $30 million cost-cutting initiative and said it may need to raise more funds as it aims to return to profitability while fighting legal battles with its former chief executive.
The Los Angeles-based retailer and clothing manufacturer said the moves are part of the next phase of its strategic turnaround plan, which also include a redesigned fall merchandise line and key additions to its leadership team.
American…
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