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American Apparel receives letter from the NYSE Amex
25
Aug '10
American Apparel, Inc., a vertically integrated manufacturer, distributor, and retailer of branded fashion basic apparel, announced that it received a letter from the NYSE Amex LLC stating that the company's timely filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 (the "Form 10-Q") is a condition for the company's continued listing on the Exchange, as required by Sections 134 and 1101 of the Exchange's Company Guide, and that the company's failure to timely file the Form 10-Q is a material violation of the company's listing agreement with the Exchange. As previously disclosed, the company had submitted a plan of compliance on June 1, 2010 to the Exchange.

The company has also provided supplemental information to the Exchange to update it on how the company intends to regain compliance with Sections 134 and 1101 of the Company Guide by no later than November 15, 2010. If the updated plan is not accepted, the company may be subject to delisting proceedings.

As previously disclosed, American Apparel was not able to complete the preparation of the financial statements and certain related information required to be included in the Form 10-Q, and therefore was not able to timely file the Form 10-Q, due to the change in the company's independent registered public accounting firm as disclosed in the company's Form 8-K filed on July 28, 2010.

The company's newly appointed auditors need sufficient time to complete their review procedures for the quarter ended June 30, 2010. The company is also working to provide its prior auditors with the additional information requested by them as further described in the company's Form 8-K filed on July 28, 2010.

Until the company is able to complete the preparation and review of the financial statements, and related disclosures, and the newly appointed auditors are able to complete their review procedures for the quarter ended June 30, 2010, the company is not in a position to file the Form 10-Q. The company intends to file the Form 10-Q as soon as practicable, currently expected by no later than November 15, 2010, however, no assurances can be given as to when the Form 10-Q will ultimately be filed.

American Apparel Inc


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