American Apparel today announced a store-closing $30M cost-cutting program in the next phase of the Los Angeles-based retailer's revival plan to rebound from the latest flow of red ink ($26M deficit on Q1 $125M sales).
New CEO Paula Schneider said AA will launch for the first time a new fall line based on "advanced basics" for men and women.
The company though cannot guarantee there will be enough financing to meet funding requirements during the next year without finding new sources of funds.
It continues to battle "headwinds" from the competitive retail segment and "legacy issues" such as the ongoing legal skirmishes with its high-profile founder, Dov Charney.
AA dismisses as "meritless" the 20 lawsuits and administration actions lodged against it by Charney and supporters.
Weber Shandwick and ICR handle PR AA.
Business leaders will face challenges in the upcoming year, some of which will come as a complete surprise, or beyond anyone's imagination.
Teneo has hired Philipp Grontzki, who is a 20-year veteran of corporate communications and financial journalism, as a managing director in its strategy and communications group.
Rowan Benecke, who co-founded Zeno Group and helmed Burson-Marsteller's tech practice, has joined McKinsey & Co as director of communications for North America.
BCW has named Golin's Matt Coldagelli EVP and leader of its corporate affairs practice in Chicago.
Abby Bailey, who headed corporate communications for Fedex in its Middle East, India and Africa region, has joined Teneo as managing director in Dubai.
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