Early Monday, retailer American Apparel filed for Chapter 11 bankruptcy protection, seeking to trim about $200 million in debt among falling sales, changing tastes, and an ongoing legal soap opera involving ousted founder Dov Charney. The reorganization plan, if approved by the bankruptcy court in Delaware, would wipe out Charney's $8.2 million stake in the company, as well as those of other shareholders, The New York Times reports, placing control of the company largely in the hands of five hedge funds or investment firms.