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American Apparel closing stores, laying off workers

American Apparel announced Monday that it is closing stores and laying off employees and noted that it faces nearly two dozen lawsuits from ousted CEO Dov Charney.

American Apparel said the $30 million in cost cutting will take place over the next 18 months. The Los Angeles-based retailer did not say how many of its 239 stores would be shuttered or how many its 10, 000 workers would be let go.

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