• American Apparel is struggling along. But in addition to its other problems, it is facing a "cash crunch." Dov Charney is reluctant to sell to more outside investors, however, because he wants to hold onto his 53% majority stake. [NYPost]

• Chloë Sevigny, on prints, and her latest Opening Ceremony collection: "Very Natalie Merchant, you know? It has this timeless, alterna-girl look. I still dress like how I did as a senior in high school, but with a higher heel." [DFR]

• Lily Allen told a British radio show that she is quitting performing for two years to open a boutique called Lucy In Disguise. She's also going to found a record label. [Elle UK]

• Did L.A. boutique Maxfield drop Victoria Beckham's dVb in favor of Holmes & Yang? Posh's people say Maxfield hasn't ordered the line for three seasons, and the decision had nothing to do with Katie Holmes, who is Posh's friend. [P6]

Holy mother of God, it's here. The September Issue, the long-awaited uncensored look inside Vogue, premiered last night at the Museum of Modern Art. And yes, everyone was there. And yes, there was a delicious mix of glam and bizarro.

• File under matches made in heaven: Karl Lagerfeld has designed couture costumes for England's National Ballet. [Telegraph]

• Geithner's proposed new regulatory framework buoyed retail stocks by 4.4% yesterday. Saks' shares rose 15%, Ann Taylor was up 18%, Macy's climbed 10.2%, and Liz Claiborne rose 16.2%. Finally, some good fashion economic news! [WWD]

• Thierry Mugler meets Sasha Fierce: a match made in shoulderpad superhero sparkle heaven. Mugler says he was exploring "The duality between being a woman and a warrior." [WWD]

• Dita Von Teese wears two Elie Saab couture creations in her limited-run Paris show. Is it strange that the only people who can afford couture these days are burlesque artists and Saudi princesses? [IHT]