Dive Brief:

• Los Angeles-based American Apparel said Tuesday it will miss its financial reporting deadline this quarter because its new board has to regroup and review statements.

• But the company did release some early information that shows it has trimmed its losses: Sales are flat but its Q2 loss will be an estimated $15 million, compared to $38 million in Q2 2013.

• This summer the company ousted its CEO and founder, and shook up its board of directors. 

Dive Insight:

American Apparel has been in turmoil since the firing of its CEO and founder, Dov Charney. But things appear to be settling down as the company welcomes new board members to help manage. Investment firm Standard General, which has been supportive of Charney without advocating for his return, brought $25 million to the table, which helped the retailer deal with a $10 million loan that required immediate payment. That has been key in the retailer’s brighter fortunes for the time being.