Fashion
American Apparel's Bankruptcy Buys It Time, but Not Much Else
What the company needs to do to turn itself around.
American Apparel Files for Bankruptcy, Hopes to Survive
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American Apparel bought itself time and relief when it filed for bankruptcy protection on Monday, but there's still a long way to go if the struggling retailer is to pull itself out of a sales rut and win back shoppers.
In July, Chief Executive Paula Schneider unveiled her plan to resuscitate American Apparel's ailing business, which has lost more than $300 million in the past five years. She's brought in new forecasting and budgeting processes while rebuilding the company's entire corporate management structure. Retail stores are also getting a makeover as the clothing assortment is overhauled.