American Apparel announced last night that it won't file its latest quarterly financial report on time. It's the second quarter in a row that this has happened, and if the company misses another deadline on Monday, it could be delisted.
Things have gone from bad to worse for the pants-optional C.E.O. and his t-shirt company. To put it nicely, it's highly probable that the retailer will go bankrupt — and soon. Bluntly: American Apparel is probably fucked. Here's why.