American Apparel files for bankruptcy in the US
American Apparel filed for chapter 11 bankruptcy in the US. Watch the LIVE EVENT ON CNBC LIVE
The brand said it had the support of 95 per cent of its secured lenders for restructuring. However the company said that stores should stay open as usual and that manufacturing would continue.
American Apparel has made headlines in the past year for legal battles with its former boss and founder Dov Charney.
The bankruptcy filing, which had been anticipated by many in the industry, follows a chaotic period in the company’s 26-year history.