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American Apparel Board Said to Approve $15 Million Financing

American Apparel Inc., the Los Angeles clothier at risk of running out of money, has received board approval to raise at least $15 million from a group of private investors, said four people familiar with the process.

The company will sell stock to the group at 90 cents a share, said the people, who asked not to be identified because the terms aren’t public. That price is a discount of about 25 percent from yesterday’s close. The agreement, which could be announced today, includes stock warrants that could bring the value of the investment to about $40 million, they said.