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American Apparel warns may need more capital for restructuring


    (Reuters) - Struggling teen clothing retailer American Apparel Inc said it may need to raise more capital in the next 12 months as part of a new restructuring plan aimed at cutting costs.

    The company, which is being sued by founder and former CEO Dov Charney, said its plan aims to cut costs by about $30 million over the next 18 months by cutting jobs and closing stores.

    (Reporting by Ramkumar Iyer in Bengaluru; Editing by Saumyadeb Chakrabarty)