American Apparel Files For Bankruptcy

Troubled teen apparel retailer American Apparel Inc filed for bankruptcy protection on Monday, Reuters reported.

The company said it had reached a restructuring support agreement with 95 percent of its secured lenders.

"This restructuring will enable American Apparel to become a stronger, more vibrant company," Chief Executive Paula Schneider said in a statement.

The company listed assets and liabilities of between $100 million and $500 million in its bankruptcy filing.

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