American Apparel receives extension to file quarterly report
American Apparel Inc. said Friday that it had a received a letter from the New York Stock Exchange that granted the troubled Los Angeles company a Nov. 15 extension to file its quarterly report.
In August, the NYSE threatened to delist American Apparel after it failed to file its 10-Q on time for the quarter ended June 30.
American Apparel said it would be subject to periodic reviews by the NYSE during the extension period and that “failure to make progress consistent with the plan or to regain compliance with continued listing standards by the end of the extension period could result in the company being delisted from the Exchange.”
In recent months, the troubled company has been beset by sales declines, losses, a crackdown on undocumented workers, problems with its debt, delayed quarterly filings and, most recently, an investigation by the U.S. attorney's office in New York related to the company's abrupt change in accounting firms.
Shares of American Apparel rose 21 cents, or 16.8%, to $1.46 Friday ahead of the announcement.
-- Andrea Chang