American Apparel Could Be Filing for Bankruptcy

Clothing store American Apparel might very well be on their way towards filing for bankruptcy, as the company has announced that it is uncertain whether or not they have the funds to continue operations as they currently stand.

It is being estimated that their losses for the second quarter will fall somewhere in between five and seven million dollars. They are currently in the vicinity of $91 in debt.

As CEO Dov Charney told BusinessWeek.com at the beginning of August, "A lot of assumptions that I grew up with are no longer reality. Those were things that we could rely on: that lenders will always be there, that they'll behave ethically and they'll always have money, that you can trust that as the sun comes up the consumer will be healthy, that we'll always be close to full employment in developed nations. Now there are no certainties."

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