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American Apparel receives non-compliance letter

Pedestrians walk past an American Apparel sign outside one of their stores in New York
Pedestrians walk past an American Apparel sign outside one of their stores in New York

(Reuters) - American Apparel Inc said it received a letter from NYSE Amex that the composition of the clothing chain's audit committee and board of directors was not in compliance with the exchange's guidelines.

The letter said that American Apparel has time till its next annual stockholders' meeting or July 1, 2012, whichever is earlier, to regain compliance with the exchange's standards.

The retailer, known for racy advertising and its founder's legal problems, said the non-compliance arose from the resignation of certain directors, which was disclosed earlier.

The company, which has faced problems ranging from covenant breaches to immigration probes of its workers to shareholder litigation, had said in April it may file for bankruptcy.

American Apparel said it intends to fill the vacancy on the audit committee and realign its board in accordance with the exchange's standards as soon as possible.

Shares of the company closed at $1.13 on Wednesday on the American Stock Exchange.

(Reporting by Arpita Mukherjee in Bangalore; Editing by Joyjeet Das)