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American Apparel files for bankruptcy

Its business is crippled by huge debts, a precipitous fall in sales, employee strife and a drawn-out legal battle with the retailer's ousted founder

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The bankruptcy would wipe out American Apparel's current shareholders, including Mr Charney, whose stake in the retailer was worth about US$8.2 million as at Friday.

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The bankruptcy would wipe out American Apparel's current shareholders, including Mr Charney (above), whose stake in the retailer was worth about US$8.2 million as at Friday.

New York

AMERICAN Apparel, the one-time arbiter of edgy made-in-America cool, filed for bankruptcy protection on Monday, its business crippled by huge debts, a precipitous fall in sales, employee strife and a drawn-out legal battle with the retailer's ousted founder, Dov Charney.

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