Arab Today, arab today firm controls american apparel founders stake
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

Firm controls American Apparel founder's stake

Arab Today, arab today

Arab Today, arab today Firm controls American Apparel founder's stake

Clothing inside an American Apparel store
New York - AFP

The ousted founder of American Apparel has agreed to cede control of his stake in the company to an investment firm, people familiar with the matter said Thursday.
The agreement means Dov Charney may end up playing no role in leading the struggling clothing chain despite being its largest shareholder, sources said.
On Tuesday, Charney, who was pushed out by the company board on June 19 amid allegations of bizarre behavior and sexual harassment of employees, disclosed that he had raised his stake from 27 percent to 43 percent, under a partnership with investment firm Standard General.
But under an agreement between the two, Standard General will decide key matters, including company strategy and leadership, said the sources, confirming accounts in US media.
The New York Times quoted Charney as saying he handed over ownership control to Standard General "so they could protect the company and all of its stakeholders, particularly the employees."
After being founded in 1989 by Charney, American Apparel grew aggressively, billing itself as a "sweatshop-free" manufacturer that manufactured all its clothes inside the United States.
It became known for very racy advertising pitched at teens, the main customers.
But the company has reported losses the last three years and has seen its stock price tumble from $15 to less than $1.
Charney, who was known for sometimes walking around his factories in his underpants, has been accused of sexual harassment by several of his employees. The board is investigating Charney's conduct.
On June 19, American Apparel said it suspended Charney and notified him he would be fired in 30 days "for cause."
Charney filed papers Monday with the American Arbitration Association to try to get his job back, according to sources close to the case.
American Apparel shares gained 4.8 percent to 87 cents on Thursday.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today firm controls american apparel founders stake Arab Today, arab today firm controls american apparel founders stake

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today firm controls american apparel founders stake Arab Today, arab today firm controls american apparel founders stake

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday