American Apparel Forecasts Big Gains

In a filing with the U.S. Bankruptcy Court, American Apparel Inc. (Los Angeles) has announced that it is projecting a return to profitable sales in 2018. This would be the first profitable year for the company since 2009.

Reuters reports that the company further stated that by 2020, the retailer is expecting a net profit of $23.7 million, which would place earnings above the chain’s peak in 2007.

As part of a move towards profitability, American Apparel is eliminating bonds estimated at $200 million by giving bondholders ownership of the chain.