Check the neck of almost any indie band's t-shirt, and there is a decent chance you'll see an American Apparel tag. Now best known for its colorful CEO, gold lame bodysuits, and retail outlets in hipster neighborhoods the world over, American Apparel has also played a big role in the indie merch biz, providing low-cost and high-quality plain t-shirts to screenprinters everywhere.

As the company's financial situation grows more precarious - stocks slid to an all-time low of 75 cents on Friday, down from a high of almost $14 in 2008, as the company reported debts of $120 million and admitted to losing money at a rate of nearly $30 million/ year - are indie merchandisers worried?

One company replied with a resounding yes, saying that 90% of its tour orders used American Apparel, and that a bankruptcy would have a huge impact on the industry. But two others companies said they rarely used the brand, saying they found better sources, such as Alternative Apparel.

Of course, American Apparel has not filed for bankruptcy, and even if it does, the company could reorganize and very little would change for indie merchandisers.