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American Apparel granted extension to file results

American Apparel, the US chain, has had an extension granted by the New York Stock Exchange to file its results for the second quarter ended June 30 to avoid being delisted.

American Apparel, which said in August that it might not be able to continue as a going concern, has until November 15 to file its figures.

It had been warned that it faced a potential delisting after delaying the filing of its second quarter results, which American Apparel attributed to the resignation of its accountancy firm in July.

American Apparel received a letter from the New York Stock Exchange saying that it had reviewed the chain’s plan to regain compliance with listing criteria and granted an extension.

The chain said that its new independent auditor Marcum needed more time to work through the numbers.

On August, 16 American Apparel said that it “may not have sufficient liquidity necessary to sustain operations for the next 12 months” after revealing it had debts of $120.3m (£76.9m) and that second quarter operating losses would be between $5m (£3.2m) and $7m (£4.5m).

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