Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

American Apparel Says SEC Ends Inquiry Without Enforcement

Don't Miss Out —
Follow us on:

Jan. 11 (Bloomberg) -- 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.

The retailer, led by Chief Executive Officer Dov Charney, has improved results in the past few months after posting losses for most of the past two years as sales fell. Revenue grew 15 percent to $56.3 million in December, following a 4.8 percent gain last quarter.

American Apparel rose 16 percent to $1 at the close in New York. The shares sank 57 percent last year.

To contact the reporter on this story: Matt Townsend in New York at

To contact the editor responsible for this story: Robin Ajello at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.