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NYSE MKT LLC announced today that the staff of NYSE Regulation, Inc. has determined to commence proceedings to delist the common stock of American Apparel, Inc. (the "Company") — ticker symbol APP — from NYSE MKT. Trading in the Company's common stock will be suspended immediately.
NYSE Regulation has determined that the Company is no longer suitable for listing and will commence delisting proceedings pursuant to Section 1003(c)(iii) of the NYSE MKT Company Guide. On October 5, 2015, the Company and certain of its domestic subsidiaries announced a voluntary Chapter 11 filing in the U.S. Bankruptcy Court for the District of Delaware.
In reaching its delisting determination, NYSE Regulation noted the uncertainty as to the timing and outcome of the bankruptcy process, as well as the ultimate effect of this process on the value of the Company's common stock.
The Company has a right to a review of this determination by the NYSE MKT Listings Qualification Panel. Application to the SEC to delist the common stock is pending the completion of applicable procedures, including any appeal by the Company of the NYSE Regulation staff's decision.
