american apparel inc (APP) Key Developments
American Apparel, Inc. Hires Christine Olcu as General Manager of Global Retail and Brad Gebhard as President of Wholesale
Jul 6 15
American Apparel, Inc. announced the hiring of Christine Olcu as General Manager of Global Retail and Brad Gebhard as President of Wholesale to help execute its global retail and wholesale turnaround strategies. Olcu will lead the company’s current retail country managers in optimizing merchandizing and sales at American Apparel’s store locations. She will also facilitate the company’s ongoing fleet optimization, and actively improve store productivity. Gebhard will serve as President of Wholesale, focusing on increasing the company’s imprintable and business-to-business sales. He will also oversee Oak.
American Apparel Inc. to Cut Jobs and Close Stores to Slash Costs
Jul 6 15
American Apparel, Inc. launched a restructuring plan to cut costs but warned it may not be enough to meet funding requirements in the next 12 months. It would cut jobs and close stores to slash costs by about USD 30 million over the next 18 months. The company also announced that there could be no guarantee that even after the restructuring it would have sufficient funds in the next 12 months unless it raised additional capital.
American Apparel Seeks Financing
Jul 6 15
American Apparel, Inc. (AMEX:APP) is planning to raise funds. The company said that it may need to raise more capital in the next 12 months as part of a new restructuring plan aimed at cutting costs. The company added that its plan aims to cut costs by about $30 million over the next 18 months by cutting jobs and closing stores.
Dov Charney Files Lawsuit against American Apparel, Inc. and Standard General
Jun 25 15
On June 19, 2015, Dov Charney filed a lawsuit in the Superior Court of the State of California against American Apparel, Inc. and a former director of the company, alleging defamation, false light, intentional interference with actual and prospective economic relations, and a violation of California's unfair competition law. On June 24, 2015, Dov Charney also filed a lawsuit in the Superior Court of the State of California against American Apparel, Inc., Standard General, L.P. and related entities, certain former and current directors of the company, and the former Chief Financial Officer of the company, alleging claims for securities fraud in violation of California Corporations Code 25401, intentional and negligent misrepresentation, breach of fiduciary duty, fraud in the inducement, conspiracy, intentional and negligent infliction of emotional distress, and declaratory judgment. The company believes that both lawsuits's claims are without merit and intends to vigorously dispute the validity of the claims.
American Apparel, Inc. Proposes Amendment to Amended and Restated Certificate of Incorporation
Jun 17 15
American Apparel, Inc. proposed amendment to Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock at its AGM to be held on July 16, 2015.