Struggling US fashion chain American Apparel has reported that it has narrowed losses for the three months ended June 30.
The beleaguered retailer said losses fell to $213,000 (£130,000), down from $14.7m (£8.98m) in the same period a year earlier as sales increased slightly to $132.8m (£81.3m) up from $132.7m (£81.2m).
“During the month of July we received $8.3m (£5.08m) in new capital in connection with share purchase transactions consummated in April 2011,” said American Apparel chairman and chief executive Dov Charney.
“To date, we have received $22.5m (£13.8m) in gross proceeds for the sale of shares and exercise of purchase rights in connection with these transactions. This additional capital will allow us to take advantage of improving business conditions in order to build upon our recent successes. Together with our improved operating performance, this new capital makes us well positioned to strengthen our balance sheet.”