Troubled US retailer American Apparel is to close underperforming stores and cut jobs in order to make savings of $30m (£19.4m) over the next 18 months.
The retailer, which is embroiled in an ongoing legal battle with its founder and former chief executive Dov Charney, warned there was no guarantee it would have sufficient funds to continue for more than 12 months unless it raises extra capital.
Chief executive Paula Schneider said: “We are committed to turning this company around. [These] announcements are necessary steps to help American Apparel adapt to headwinds in the retail industry, preserve jobs for the overwhelming majority of our 10,000 employees, and return the business to long-term profitability.”
It is not yet known if any of its stores in the UK will be affected.