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American Apparel May File For Chapter 11

| Filed under: Business BlitzAmerican Apparel

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It looks like American Apparel is finally coming to terms with their crappy financial situation.

The scandal-plagued company said in their filing with the SEC on Thursday, they "may need to voluntarily seek protection under Chapter 11 of the U.S. Bankruptcy Code" if cash flow doesn't improve.

AA went on to add they may be forced to liquidate if they can't come up with a reorganization plan or find bankruptcy financing.

Bummer.

[Image via AP Images.]

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