Jimmy Choo and Tamara Mellon founded JC in 1996 with a $240,000 loan from Mellon’s father. TowerBrook Capital Partners is currently the majority stakeholder — Mellon still owns 15% of the biz, while Choo got rid of his stake a decade ago. The company has grown exponentially in the 15 years since its inception, now boasting 100 stores in 32 countries. With TowerBrook Capital Partners looking to sell, Choo is interested in buying his stake back, offering 800 million.
Troubled clothing chain American Apparel Inc., losing money and faced with a cash crunch, says it may have to file for Chapter 11 bankruptcy protection before the end of April.
The Los Angeles company warned in a filing with the Securities and Exchange Commission Thursday that it "may need to voluntarily seek protection under Chapter 11 of the U.S. Bankruptcy Code" if it can't improve its sales or cash position or find other sources of financing to keep it afloat.
American Apparel has been plagued by both financial and image problems. On Friday the company reported a fourth-quarter loss of $19.3 million, or 27 cents per share, compared with net income of $3 million, or 4 cents per share, a year ago.
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