The label made famous for its classic wardrobe staples, CEO controversies and soft porn-style campaigns is, according to Bloomberg, preparing to file for bankruptcy in as soon as the next few weeks. Having only come out of their former bankruptcy in February, poor sales and speedy management turnovers have plagued the LA-based company in recent times.

However, hope is not lost for fans of the classic cuts and retro stylings of the brand, as this move may set the brand up to be sold and revived once more.

Is American Apparel going bankrupt, again?