American Apparel may be facing bankruptcy at last. According to the company's latest financial report β€” filed late, as is Dov Charney's custom β€” American Apparel lost $86 million in 2010, and had just $5.3 million in cash as of the end of February. Sales fell by 4%. Lion Capital, the private investment firm that has bailed the troubled t-shirt-maker out on more than one occasion β€” it first lent American Apparel $83 million to avert a bankruptcy in 2009 β€” had two seats on the company board; both of those members have just resigned. Charney is now talking about "creative financing."

Charney, who sank $1.3 million of his own money into the company last week, says he is seeking "creative financing." According to the Post, "insiders say the risk of a bankruptcy appears to be rising." [NYPost, Official Site]
Related (?) news: American Apparel is giving away free clothes to everyone who spends $10 online today. [Racked]


Miu Miu is selling tiny versions of its handbags. They cost $115-$380. [Refinery29]

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Here is your long-awaited Christian Siriano cleaning sponge. Handsome, isn't it! [The Cut]

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Karlie Kloss published a photo of her wearing her Jason Wu prom dress. [Teen Vogue]

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Kate Moss and her teeny anchor tattoo star in the new campaign for Dior cosmetics. [Quem]

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  • Britney Spears is being sued for $10 million over a perfume deal. [NYPost]
  • Chanel's U.S. office was said to be less than happy with the decision to have Blake Lively represent the brand and its handbags (that contain dreams). Now the official refutation: "Blake's spontaneity and fresh youthful image have convinced Chanel that she is the right person to represent the house and this range of bags." [Vogue UK]
  • Eric Zentner, who has modeled for Louis Vuitton and Versace, was killed in a hit-and-run. [ABC]
  • Guys, get this: Candice Swanepoel, the Victoria's Secret model, is thin. [NYDN]
  • Max Azria had an awesome Tuesday: "Fashion designer Max Azria had fun with two female friends at Paul Sevigny's Tuesday night party at Avenue. Azria arrived at the Meatpacking club with two young ladies who, according to an onlooker, 'were later seen making out with each other and giving Max a lap dance.'" Azria, 62, who runs his fashion empire with his wife Lubov, ordered two bottles of champagne and left around 1:30 a.m. in the company of the two ladies. [P6]
  • Penn Badgley and Ginnifer Goodwin are among the faces of a new line for H&M. 25% of proceeds go to an AIDS charity. [Fashionista]
  • David Beckham on babies: "We've got three beautiful boys and we're ecstatic to have another one on the way but when we first found out, we went for the scan and they said, 'Oh, it's a boy' and we were like 'Great' but Victoria was like, 'Ahh, another penis in the house.' She thinks there's too many in the house already. So then we went back for the next scan and they said, 'Oh, we think it's a girl'. So we were like, 'Oh, O.K>, well, that's amazing'. And then on the final scan they said it's definitely a girl so, yeah, it's incredible." [Vogue UK]
  • Prada's IPO could happen as soon as July. Analysts predict the company, which just announced record-breaking quarterly profits, will be valued at around $9.5 billion. [WWD]
  • No more ridiculous Terry Richardson ads for the gym Equinox! Gilles Bensimon will do the honors instead. [WWD]
  • Marc Ecko says anyone who gets a tattoo of his clothing brand's logo will get a 20% discount for life. [ANY]
  • Jay Manuel has a line for Sears Canada called "Attitude." [Fashionista]
  • HermΓ¨s, which owns 45% of the label of its former creative director, Jean-Paul Gaultier, is in talks to sell that stake. The potential buyers are unnamed. [WWD]
  • If you ever go to New Zealand β€” which you totally should not, it's a nasty wee country and very far away β€” I suppose you could check out these "vintage" stores, where they sell clothing that was once owned and worn by other people! [Guardian]
  • A cashmere sweater for a penny? There is a Santa Claus. Or at least a Bloomingdales. [Brokelyn]