Shares of American Apparel, Inc. (AMEX: APP) soared more than 5% Tuesday after peHUB reported that the struggling clothing chain is looking for a buyer. The company, which warned last week that it may have to file for bankruptcy if it does not get enough money to keep running, is working with adviser Rothschild to explore a sale, peHUB said. One of American Apparel's largest creditors, Lion Capital, has hired restructuring firm Miller Buckfire & Co in case developments push the company toward a Chapter 11 bankruptcy filing, peHUB reported, citing a source. Stay tuned for more.
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