American Apparel Files for Bankruptcy [By: Dele Odumosu]

The popular clothing company, American Apparel, has recently filed for chapter 11 bankruptcy. The company has acquired a $300 million debt and has been approved for a $90 million loan to help relaunch the brand. With continued investor and customer support, the retailer is projected to survive this bankruptcy process and make a much needed comeback.

The Los Angeles, California based will be evaluating its 160 nationwide stores and determining which ones to close. Founder and former CEO, Dov Charney, is currently looking for a new partner to lead the popular company.

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