BREAKING NEWS

Hipsters across recently-gentrified urban neighborhoods are weeping tonight. It was reported today that American Apparel is nearing financial ruin. Apparently, being a lucrative business operation is too mainstream. Shares in the company have fallen nearly 66 per cent in the last year, and today alone, shares plummeted 13 per cent.

According to the New York Times Dealbook:

American Apparel reported in its quarterly report that it has received a subpoena from the United States Attorney for the Southern District of New York regarding its switch to Marcum from Deloitte as its independent auditor.

The company is not only dubious with its hiring process (as noted in a previous Hipster of the Week post), it's equally suspect with it's accounting procedures. AA is also $91 million in debt. What does this mean for our favorite shop for leotards and flex-fleece hoodies? Well, it may not be long before your favorite deep-V is a hard-to-find vintage tee.

For financially-savvy hep cats, check out AA's performance today on the NYSE (courtesy of NY Times Dealbook):