Trouble for American Apparel

More bad news for downtown L.A. apparel maker American Apparel Inc. as it reported sinking sales and a deeper loss in a new filing with the Securities and Exchange Commission. In other bad signs, the company stated it needs to delay filing its quarterly report and it doesn’t have enough money to pay its creditors, the Los Angeles Times reports. A fair amount of gloomy reports popped up overnight; “Bankruptcy Looms Over American Apparel” reads one headline on the Seeking Alpha website this morning, for example.