USA/CH – According to media reports, the Swiss investment funds holding company FiveT Capital Holding purchased 20 mil. of the newly issued shares of the heavily indebted textile manufacturers, American Apparel. FiveT Capital thus holds an 11.54% participation in the company. American Apparel’s aim behind issuing the shares was to acquire new capital, which is to be used to finance a turnaround.
According to company accounts, in the fiscal year 2013, American Apparel registered a turnover of almost 634 mil. US Dollars (approx. 459 mil. Euros), which corresponded to a 2.7% increase, and a net loss of 106 mil. US Dollars (approx. 77 mil. Euros), after recording a loss 37 mil. US Dollars (approx. 27 mil. Euros) the year before. In the fourth quarter of 2013, the textile company’s turnover increased by 3% up to 169 mil. US Dollars (approx. 122 mil. Euros). At the same time, the loss rose from 1.5 mil. up to almost 21 mil. US Dollars (approx. 15 mil. Euros), among others due to problems with the relocation of a distribution centre.