American Apparel won’t be filing for chapter 11 anytime soon, thanks to the wad of cash they just received from London-based Lion Capital ( same private equity firm that made investments into the shoe brand Jimmy Choo) who bought off 18% of the company.

Whew!

The good news means they’ll be out of their $111.6 million in debt and we can all go back to being sightly disgusted by their perverse advertising billboards and blame them for the 40 something moms from Connecticut thinking that all-in-one spandex jumpsuits are the fountain of youth.

more of the story here.

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