Dov Charney, Founder of American Apparel, Files for Bankruptcy

Dov Charney, founder of the formerly high-flying retailer

American Apparel Inc., filed for bankruptcy along with his latest business venture, a vintage clothing store. 

Charney was forced into bankruptcy court because he owed $30 million to a hedge fund involved with American Apparel, which shut down all of its outlets and became an online retailer after going through two of its own bankruptcies.