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Facing a looming debt payment larger than the amount of cash it had on it, struggling clothing retailer American Apparel has obtained a capital infusion from FiveT Capital, according to a Bloomberg report.
The publication said that American Apparel CEO Dov Charney lined up the investment from the Swiss firm, which purchased about half the company's shares in a stock offering, last month. It now holds a nearly 13 percent stake in the company, making it the retailer's biggest outside investor.
American Apparel is facing a $13.4 million interest payment that comes due in April.
According to Bloomberg, the retailer has compiled net losses of about $270 million since the start of 2010.
To read the full Bloomberg story, click here.