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LOS ANGELES — Retailer American Apparel Inc. said Friday that it will get an $80 million infusion from a British investment company to pay off a problem debt.
Under the agreement, London based Lion Capital will receive two spots on American Apparel’s board of directors and the right to buy an 18 percent stake in the company. Known for its racy ads and colorful basics, American Apparel said it will use a portion of the loan to retire its existing line of credit set to mature this month.
