American Apparel Q2 Loss Narrows

(RTTNews) - American Apparel, Inc. (APP) reported a net loss for the second quarter of $16.2 million or $0.09 per share, compared to a net loss of $37.5 million or $0.34 per share for the year-ago quarter.

Net sales for the second quarter grew to $162.40 million from $162.24 million a year ago on a 6% decrease in retail comparable store sales and a 9% increase in wholesale net sales.

American Apparel said it and Standard General are in the process of negotiating an unsecured credit agreement between one or more entities affiliated with Standard General and one or more foreign subsidiaries of the company as borrowers. American Apparel expects to enter into the credit agreement as soon as practicable.