American Apparel Under Siege As It Mulls Ch. 11

Law360, New York (August 23, 2010, 4:57 PM EDT) -- American Apparel Inc. is facing increasing scrutiny from shareholders and regulators based on disclosures that its auditor, Deloitte & Touche LLP, quit in July over concerns that the retailer had failed to exercise effective controls over its finances.

Deloitte resigned as American Apparel's accounting firm effective July 22, telling the company that “certain information” had come to its attention that could potentially impact a 2009 audit report and the underlying financial statements, the Los Angeles-based retailer said in an Aug. 17 filing with the U.S. Securities...
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