American Apparel's stock plunged 27 percent today after the company's long-delayed second quarter financial results revealed falling sales and dim prospects for improvement. Is bankruptcy on the horizon?

In a new interview with New York magazine, little ol' Katie Holmes admits her precocious paparazzi-bait daughter is better at being famous than she is, perhaps because she's still starstruck with Tom Cruise.

What would you do if the NYPD mentioned your brand of hidden-pocket underwear in a department-wide warning memo? Phillip "Clint" Scott, founder of underwear manufacturers Stashitwear, updated his company's site, writing "Order yours now before New York orders them all!"

The high school years have always been fraught with social peril, and middle school is a time many remember for instilling a lifelong sense of mortifying awkwardness. Fine, but what about toddlers? Can we give them an inferiority complex, too?

Vogue editrix Anna Wintour wrangled Mayor Bloomberg and all the city's fashion luminaries to her press conference today for her faux charity, Fashion's Night Out. It's going to be bigger than ever, and you're invited to the fashion show!

[Ashley Olsen tells Harper's Bazaar she would love to see the first lady wear her and sister Mary-Kate's fashion line. Considering they wear outfits like these, we don't think simple and elegant Michelle is gonna bite. Image via Getty]

This is The Situation's friend "The Unit" modeling the first release from his new clothing line, DILLIGAF. The design is classic Jersey Shore, clearly but just wait until you hear what the name of his line stands for.

[A dancer performs during Jember fashion carnival in Jember, Indonesia. The theme to this year's carnival—an event held to showcase local designers—was "buried treasure." Pic via AP.]

New York Senator Chuck Schumer introduced a bill today that would require apparel companies to wait three years before copying the designs of high-end fashion labels. Forever 21 will soon be called Forever 24.

For next month's Harper's Bazaar cover, Jennifer Aniston makes like a drag queen and imitates Barbra Streisand. Between this and Lindsay Lohan's incessant Marilyn Monroe impression, the starlets-imitating-starlets trend has officially gone too far.

Our photo of an Abercrombie manager's strident "styling" note in a break room brought forth a flood of reminiscences from commenters familiar with Abercrombie's hotties-only hiring policies. Our favorite, though, was this email from a regretful former Hollister manager.

We've written a lot lately on American Apparel's disturbing beauty-based hiring policy. Let us acknowledge: other retailers are similarly inclined. Take Abercrombie & Fitch, for example.

Last week, we asked you to send us your photos from your Mad Men-themed parties. Here are our favorites, as well as others we found on the web!

American Apparel's stock nosedived this morning after its accounting firm, Deloitte & Touche, announced that it would no longer work with Dov Charney's fashion cult because the company's financial controls may not be reliable.

It's hot outside! And yet, thanks to "society," you still have to wear clothes. The New York Times thinks you should do things like wear linen. Whatever! We have better ideas.

How did these stay under wraps so long? This week Star magazine unveils "eight never-before-seen graphic photos" taken by an old Angelina Jolie drug buddy. She wears tape on her nipples, a dog leash, and smokes heroin. Updated with pics!

Things Robert Pattinson has inspired: an entire generation of screaming tweens, magazine covers, cardboard cut-outs and entire lines of merchandise at Nordstrom, and, come September, fans of Twilight can buy Robert Pattinson-inspired underpants at British department store Marks & Spencer.

Lorenzo Martone just confirmed via Twitter a rumor we've been hearing for weeks: He and Marc Jacobs are no longer a couple. Guess that ends the speculation about whether they're married or not. But, why, boys? Why?

Finally, a way to dignify the experience of sitting around farting in your pants: Meet Subtle Butt, the odor-eating butt patch. "I use them on airplanes, after a chili meal, and even on my dog," says its evangelistic creator.

This morning, the Early Show shed its fuddy-duddy image, for at least one segment anyway, as they explored the hip crowd-sourcing fashion site Fashism. Fascism lets you post pictures of potential outfits and crowd-source the response. Seems really useful.