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American Apparel files for bankruptcy

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After months of warning investors that its sales and cash were dwindling, American Apparel filed for bankruptcy protection today.

Its Chapter 11 reorganization plan calls for creditors to provide $70 million in new capital and a $90 million bankruptcy loan.

The clothing manufacturer has spent millions on litigation feuding with founder and former CEO Dov Charney, who was ousted last year.

Read more from Fortune.

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