By  on March 31, 2011

A $20 million fourth-quarter loss left American Apparel Inc. with $86.3 million in red ink for the year and continuing doubts about its ability to continue as a going concern, according to the company’s annual report.

The Form 10-K, filed with the Securities and Exchange Commission on Thursday, also said that Lyndon Lea and Neil Richardson, the two directors designated by Lion Capital, had resigned from the board “to allow Lion flexibility in evaluating its options to optimize its investment in American Apparel.” Lion retains the right to designate individuals to the board.

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