American Apparel Files for Bankruptcy

Hiroko Tabuchi reporting for The New York Times today:

[…] the bankruptcy would wipe out American Apparel’s current shareholders, including Mr. Charney, whose stake in the retailer that he founded in 1989 was worth about $8.2 million as of Friday. It would instead put the company’s creditors in full control, including Standard General, the little-known hedge fund that is also leading the turnaround at RadioShack, which went bankrupt in February.

I didn’t see that coming.