By  on February 21, 2014

American Apparel Inc.’s shares fell 32 percent Thursday after reports said it has hired Skadden, Arps, Slate, Meagher & Flom to advise it on restructuring options.

Credit professionals are saying that the controversial specialty chain has been having a hard time complying with financial covenants in its loan agreements. Meanwhile, those who trade debt have begun speculating whether a restructuring of the chain’s financial structure could include a bankruptcy filing down the road.

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