Reuters reports American Apparel LLC filed for its second bankruptcy protection in just over a year on Monday, weighed down by intense competitive pressures facing U.S. teen retailers and a rocky relationship with its founder.

The Reuters article notes that American Apparel, known as much for its sexually charged advertising, listed assets and liabilities in the range of $100 million to $500 million citing to a Delaware court filing.

Separately, Canadian apparel maker Gildan Activewear Inc said it agreed to buy intellectual property rights related to the American Apparel brand and certain assets from American Apparel for about $66 million in cash.

View the Reuters article American Apparel Files for Second Bankruptcy in Just Over a Year.

Editor's Note:  ABL Advisor has learned from BankruptcyData that Encina Business Credit will serve as administrative and collateral agent under a proposed $30 million debtor in possession loan.