Having his DNA, in all of its many forms, all over American Apparel isn’t enough for its former CEO. So even if the last alternative investor he worked with to take the power back disappointed him with a pink slip, he’s not going to let it stop him from trying again. Read more »
Knowing this guy– who was officially fired as CEO today– he meant that figuratively and literally. God only knows what other personal items he left around corporate headquarters. Read more »
When does the second quarter end? Why, June, of course. And when was Dov Charney fired as CEO of the company he founded? June. Therefore, Dov Charney is responsible for the fact that said company lost less money in the three months ended in June than it had in the year-earlier period, according to Dov Charney, who is also not interested in having it pointed out that he was also CEO during the aforementioned year-earlier period, or that he was fired not for being bad at running American Apparel’s finances (which he arguably was), but for being an alleged scumbag. Read more »
Defaults are technical things. For instance, Argentina is technically in default right now, but nobody really cares just yet, because it has 30 days to figure things out before it is in the kind of default that actually matters.
So it is with American Apparel: When private-equity fund Lion Capital agreed to loan the t-shirt retailer $10 million at a bad credit-card rate, it did so on the understanding that company founder Dov Charney would remain in charge no matter how much he allegedly let things slide financially or how many employees he allegedly sexually harassed. So it was understandably perturbed when American Apparel fired Charney last month. Read more »
The recently deposed American Apparel founder is hoping to regain control with the help of his fellow shareholders. Read more »
As American Apparel executives scrambled to pay vendors this spring, they frequently ran into a frustrating problem: Where were the checks? Many times, the answer was Chief Executive Dov Charney’s Los Angeles mansion. Starting early this year, Mr. Charney began signing all of the company’s checks—hundreds of them every month—one of several bottlenecks that plagued the fashion chain as its finances withered, people familiar with the situation said. Mr. Charney’s sexual antics have commanded the headlines, but beneath the salacious details was a business that had fallen into almost complete disarray, the people said. American Apparel, a major retailer with 10,000 employees and 249 stores, lacked seasoned executives, which often required Mr. Charney to dive in to fix problems. The general counsel was personally managing the company’s fleet of stores. This spring, the legal department was reduced to two people. And Mr. Charney was swimming in checks. They were delivered by assistants to his office or home, where they would pile up for weeks before resurfacing in the accounts-payable department, the people familiar with the matter said. Mr. Charney purposely held the checks while he investigated whether the amounts were correct, said a person familiar with his thinking. [WSJ]