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current news

American Apparel Hires Blockbuster Executive.

(Filed Under Fashion News).

Troubled clothing producer American Apparel Inc. hopes to turn around its financial situation by hiring Tom Casey, formally of Blockbuster Inc., as acting vice president. The company announced this appointment in early October.

The company said that Casey will primarily be responsible for developing its operating strategy going-forward. He will report to Dov Charney, chairman, C.E.O and founder of American Apparel.

The decision to bring on new staff is part of the company’s strategic direction following the amendment to its credit agreement with Lion Capital last week. Charney is working with Lyndon Lea, founder and partner of Lion Capital, to develop a strategic plan for future growth, which includes hiring new senior executives.

“Tom’s team-building skills, strategic perspective and senior management experience will help us build a great future for the company,” Charney said. “We believe Tom will be instrumental in our efforts to continue to build our management team and bring additional operating disciplines to the business.”

According to American Apparel, Casey has over 24 years of experience in financial management and strategic planning. He served as executive vice president and chief financial officer of Blockbuster from September 2007 through August 2010, and has also worked for Deutsche Bank Securities Inc., Citigroup, Merrill Lynch and Dillon Read & Co.

His experience at Blockbuster makes him no stranger to financial difficulties; the movie rental chain filed for bankruptcy protection in September, hurt by the success of Netflix and other online and mail order services.

more Fashion News >>

Published 10-11-2010 by Amanda Torres Price

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