 American Apparel |
American Apparel has held talks with an individual investor in recent days, who has expressed interest in providing money in the form of equity, the Journal said. The company hopes to secure a deal as soon as this week.
The person told the paper that the retailer would still need to raise yet another $10 million to $15 million to survive.
Early in April, American Apparel, known for racy advertising and its founder's legal problems, said it may file for bankruptcy if it does not get enough money to keep running, and might even have to liquidate.
The company declined to comment to the Journal. The retailer could not immediately be reached by Reuters for comment outside regular U.S. business hours.
(Reporting by Sakthi Prasad in Bangalore; Editing by Vinu Pilakkott)