American Apparel Pops Amid Report It's Reviewing 'Strategic Options'

Shares of American Apparel Inc APP traded higher Friday following a report that the company is weighing “strategic options.”

Sources told CNNMoney that the troubled retailer hired Moelis as an advisor on a range of potential options. In addition, the company recently "announced a so-called shareholder rights plan that would limit an outsider's ability to gain control of the company."

The report follows news that Irving Place Capital may be interested in the company.

The stock traded recently at $1.08, up 1.8 percent.