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current news

Charney Out, Buy Offer At American Apparel


(Filed Under Financial and General Interest News). American Apparel received a takeover offer in mid-December from an investor, shortly after the company terminated Dov Charney, its former CEO. Paula Schneider, an executive with experience as president or senior officer at Warnaco, Gores Group, BCBG Max Azria, and Laundry by Shelli Segal, has been named as the new CEO as of January 5th, 2015.

The Wall Street Journal reported a private equity firm, Irving Place Capital, was considering an offer of $1.30 to $1.40 per share for American Apparel. Shares at the company had been trading between $.50 and $.60 prior to Charney’s termination and had jumped to $1.12 by December 22nd.

“American Apparel has a unique and incredible story, and it’s exciting to become part of such an iconic brand,” said Schneider as part of the company announcement of her appointment. “My goal is to make American Apparel a better company, while staying true to its core values of quality and creativity and preserving its sweatshop-free, Made in USA manufacturing philosophy.”

The company’s statement noted that “Mr. Charney was suspended as president and CEO by the Board on June 18 for alleged misconduct and violations of company policy. Under terms of an agreement signed by Mr. Charney on July 9, a special committee of the Board oversaw an internal investigation conducted by FTI Consulting into the allegations against Mr. Charney. Based on this investigation, the special committee determined that it would not be appropriate for Mr. Charney to be reinstated as CEO or an officer or employee of the Company. While under suspension as CEO, Mr. Charney had been serving as a consultant to the Company. This relationship has now been terminated.”

During the years of his tenure, Chaney had experienced several allegations of sexual harassment that were never proven. According to Reuters and other reports, Charney owned about 43% of the company shares as of July.


more Financial and General Interest News >>

Published 12-22-2014 by -

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