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Troubled teen apparel retailer American Apparel Inc filed for bankruptcy protection on Monday and said it had reached a restructuring support agreement with 95 percent of its secured lenders.
“This restructuring will enable American Apparel to become a stronger, more vibrant company,” Chief Executive Paula Schneider said in a statement.
The company listed assets and liabilities of between $100 million and $500 million in its bankruptcy filing.
The case is in U.S. Bankruptcy Court, District of Delaware, Case No: 15-12055.
(Reporting by Supriya Kurane in Bengaluru; Editing by Gopakumar Warrier)
Bonds are still doing their job this year as investors’ best friends during a downturn: They’re holding up better than stocks, cushioning the blow for balanced investors. High-quality, investment-grade U.S. bonds have returned 0.9 percent through Wednesday, while the Standard & Poor’s 500 index has lost 7.4 percent on worries about the strength of the global economy. The problem is that bonds are not doing as good a job as in past downturns, and the outlook for them is dim. Super-low interest rates mean bonds don’t pay investors much for the bonds they hold or are buying now. And those bonds may fall in price in the coming months and years if interest rates increase as the Federal Reserve, as expected, continues to move short-term rates higher.
Americans view themselves as being in the middle class, 80% say it is harder being in the middle class today than it was just 25 years ago. “The American middle class is not weakened or weakening—it is weak,” said Patrick Inglis, an assistant professor of sociology at Grinnell College. “Even the idea of it is weak. The middle class no longer can rely on the kind of job security that was available to earlier generations. Although over 90% of Americans identify as middle class, their income positions vary widely, from poverty level to wealthy.”
Retail sales dipped last month on low gasoline prices and a slowdown in auto sales, and a key measure was flat despite strong job growth.
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