Following up on a turnaround plan it posted on its website last month, American Apparel Inc. announced it will begin closing underperforming retail stores, shrinking its retail workforce and creating a new fall apparel line.

The company said it expected the actions, some of which will begin immediately, will cut $30 million in operating costs. Opening new stores will be considered, the company said, but only in areas that are profitable and fast-growing. The company has about 10,000 employees and 239 stores in 20 countries. It declined to comment on how many stores will be closing and where or offer a specific timeframe for the closures.

In announcing the cuts, American Apparel cast an ominous note, saying that even if it was able to increase revenue and reduce costs it could not guarantee having enough commitments from lenders to meet funding requirements for the next 12 months without raising additional capital.

“Today’s announcements are necessary steps to help American Apparel adapt to headwinds in the retail industry, preserve jobs for the overwhelming majority of our 10,000 employees, and return the business to long-term profitability,” Chief Executive Paula Schneider said in a statement. “Our primary focus is on improving the processes and product mix that have led to steep losses over the past five years.”

To raise additional capital, the board is seeking shareholder approval to increase the number of shares in a secondary offering to 460 million from 230 million. Proceeds of the sale, as yet unscheduled, would be used to implement the turnaround plan, for unspecified mergers and acquisitions and other general corporate purposes. The annual shareholder meeting is scheduled for July 16.

Shares of American Apparel closed at 46 cents, down 8 percent in Monday trading.