Shares of American Apparel Inc. fell more than 40 percent Wednesday after the apparel maker reported a large operating loss in its first quarter.

The company also warned that it may fall out of compliance with some loans and default on debt, which would make it difficult to get enough money to go forward.

The Los Angeles company announced only preliminary figures and did not give a net loss or a per-share figure. Its loss from operations hit $17.6 million for the quarter ended on March 31, compared with $3.9 million a year earlier. Revenue rose 6.6 percent to nearly $122 million.

American Apparel said it would report final numbers when it submits a late quarterly filing to the Securities and Exchange Commission by the end of June. The company has struggled since a federal immigration investigation forced it lay off 1,500 workers late last year, which hurt its manufacturing capacity.

American Apparel ended the quarter with debt of $91.4 million, almost 11 percent more than it had at the end of 2009. The company said it may default on two credit agreements by late June because it will likely be unable to meet a debt-to-earnings ratio required by the loan’s terms. It is working with its lender to amend the agreements, but said if there was no resolution it could be forced to pay both credit facilities immediately.

“There can be no assurance that if … these events were to take place, that the company would be able to obtain the additional sources of liquidity required to continue operations,” it said in a statement.

Shares closed down $1.11 cents, or 40.5 percent, to $1.63 on the New York Alternet.