Who's in Charge of American Apparel?

Photograph by Craig Warga/Bloomberg

Ever since the board of directors at American Apparel ousted Dov Charney, the founder, chief executive, and chairman, there have been almost daily reports of firms apparently angling to take over, sell off, or run the company. So you may be wondering who’s actually in charge. Good question. Right now it’s the board of directors, the same ones who pushed Charney out on June 18, and the company’s newest, largest investor, Standard General. That’s the hedge fund that bought up company shares on behalf of Charney; the deposed chief then last week gave the firm control of his 27 percent stake.

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