MANUFACTURING

CIT Merging With OneWest Bank

By Deborah Belgum | July 23, 2015

CIT Group, the largest apparel factor in the United States, is merging with One­West Bank in Pasadena, Calif., in a deal worth $3.4 billion.

Mid-Year Economic Forecast: Signs of Strength Tempered With Notes of Caution

California’s economic outlook for the remainder of the year is good, but it’s not exactly time to pop the champagne cork because the forecast is served with a helping of caution.

Job Growth Looks Positive in California and the U.S.


With the economy still ticking along, the unemployment rate in California and the rest of the country will continue to drop through 2016, according to the latest UCLA Anderson Forecast.

Quiksilver Scraps 2015 Outlook, Planning Comeback With Improved Supply Chain and Sales

Quiksilver Inc. reported results for its second fiscal quarter of 2015 and rescinded its previously stated financial guidance for the fiscal year, the surf giant noted that it would not provide an outlook for the rest of fiscal year, according to a company statement, which was released on June 9.

American Apparel Sees First Quarter Net Loss Jump

American Apparel reported that in the first quarter of this year it had a net loss of $26.4 million, or 15 cents a share, compared to $5.5 million, or 5 cents a share, last year.

Fast A/R Funding Buys Continental Business Credit

Fast A/R Funding, a 6-year-old specialty finance company based in Calabasas, Calif., has acquired Continental Business Credit for an undisclosed amount.

Lawsuit By Former Finance Director Cites American Apparel for Financial Misdeeds and Discrimination

Lawsuit By Former Finance Director Cites American Apparel for Financial Misdeeds and Discrimination

David Nisenbaum, the fired director of manufacturing accounting analysis and audit at American Apparel, filed a lawsuit in Los Angeles County Superior Court on April 20 against his former employer. He maintains he was wrongfully fired because questioned the financial actions of John Luttrell, the chief financial officer of the company at the time Dov Charney was still the president and chief executive.

Quarterly Report: Finding the Secret Formula to Luring in Cautious Consumers


In the last year, gas prices in California have fallen 26 percent and the state’s unemployment rate has shrunk 1.3 percent, but skittish shoppers are still acting like there is a recession.

The U.S. Dollar Is on Fire: The Pros and Cons for U.S. Apparel Manufacturers.


The U.S. dollar is sailing at a 12-year high. A strong greenback means that if you travel overseas, hotels and restaurant dinners are cheaper. It also means raw materials produced overseas, such as fabric, zippers and buttons, have suddenly gone on sale.

Strong Dollar Makes Business Tough for Exporters

Since the beginning of 2015, Mike McGinley’s European retail partners have been telling him that they cannot afford his West Hollywood, Calif.–based LASC line of men’s activewear and swimwear—after years of selling LASC at their shops.

CIT’s Steinberg Charts New Post-Retirement Path

CIT’s Steinberg Charts New Post-Retirement Path

Since announcing plans to retire, Steinberg has been asked to consult for the industry, which she said she is considering, but she’s keeping her options open for now.

Industry Focus: Factoring in the Age of Start-Up Apparel Companies and E-commerce

California Apparel News recently spoke with some finance-industry executives to find out how their companies approach financing new businesses and how selling to e-tailers differs from selling to a bricks-and-mortar retailer.

Wells Fargo Opens Commercial Banking Office in New York

Wells Fargo opened a new commercial banking office in New York to better serve the city’s $98 billion apparel industry.

B. Riley Expands Steve Reiner's Role

Los Angeles–based financial-services company B. Riley Financial Inc. named Steven H. Reiner to the newly created position of chief business development officer, asset dispositions, for the company’s Great American Group LLC subsidiary.

Full Steam Ahead for 2015 as Economy Accelerates and Gas Prices Drop

Just about everyone agrees that 2015 is shaping up to be a good year for the U.S. economy.

Buyout Firm Lion Capital Urges American Apparel Sale

The pressure keeps mounting for American Apparel to put itself on the auction block.

Previous