American Apparel Inc. has found a new creditor, swapping out an expiring bank credit facility for a more expensive loan and credit facility with a syndicate led by a George Soros-backed fund.
The financially strapped specialty retailer was thrown an $80 million lifeline by Boston-based Crystal Financial LLC and Salus Capital Partners LLC, comprised of a $30 million term loan and a $50 million revolving credit facility. Soros’ Quantum Strategic Partners Ltd. is the lead investor in Crystal Financial.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"