American Apparel files for bankruptcy

American Apparel has filed for bankruptcy protection after persistent plunging sales at the the scandal-ridden teenage fashion company. The Los Angeles-based company, which makes all its clothes in the US, said it had reached a restructuring deal with 95% of its secured lenders to reduce its debts. Lenders will write off about $200m (£131m) of bonds in exchange for equity in the company, reducing its $300m debt to...

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