Dov Charney Begins Fighting Back Against American Apparel
Posted Monday June 23, 2014 1:10 PM GMT
He founded the company and grew it into a massive and well-known brand and now Dov Charney is pulling out all the stops to avoid being dismissed as chairman/CEO of American Apparel Inc.
According to WWD, Charney met with stockholders last week and "began to discuss with the Supporters potential changes to the composition of the board and management of the issuer."
Furthermore, Dov filed paperwork with the SEC that says he "intends to engage in discussions with the issuer and issuer’s management and the board. Mr. Charney believes that such termination is without merit and intends to contest it vigorously."
Meanwhile, American Apparel released the following statement this morning: "We believe the hiring of a financial and strategic advisor at this important juncture is in the best interest of our stockholders and will help maximize long-term shareholder value. Although the company currently is on track to meet its previously disclosed 2014 EBITDA, we are pleased to be working with Peter J. Solomon to ensure that we have adequate access to capital in the future at a reasonable cost."