AMERICAN APPAREL TO DELAY 10-K FILING: American Apparel said in a filing with the Securities and Exchange Commission Tuesday afternoon that it would delay filing its annual report, or Form 10-K. The company said it is in discussions with its revolving credit facility regarding certain waivers and amendments, talks that would reset certain covenants going forward and allow it to execute the $15 million credit agreement with Standard General. The agreement, once executed, will help fund the company’s near-term interest payments on certain indebtedness and assist with other liquidity needs.

The filing also said the expected loss for the year ended Dec. 31 is estimated at $69 million, or 43 cents a diluted share, compared with a loss of $106 million, or 96 cents, in 2013. The company said lower operating expenses were offset by lower sales volume and higher retail store impairments. Net sales for the year were estimated at $609 million, representing a 4 percent decline from $634 million in 2013.

This story first appeared in the March 18, 2015 issue of WWD.  Subscribe Today.

The company estimated in the filing that it had $8 million in cash at the end of 2014, and $13 million of availability under its Capital One Credit Facility. The availability under Capital One Credit Facility fell to an estimated $6 million as of March 13, although Capital One Business Credit Corp. has the right to prevent any additional borrowings and accelerate maturity of the loan while the event of default is continuing.

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