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Stock Market & Financial Investment News

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January 3, 2013
05:19 EDTAPPAmerican Apparel reports Dec. 2012 comparable store sales up 14% to $63.5M
American Apparel announced preliminary comparable sales for the month ended December 31, 2012, and reported that comparable store sales increased 14%, including a 9% increase in comparable store sales for its retail store channel and a 59% increase in net sales for its online channel. Wholesale net sales increased 12% for the month of December and total net sales increased 14% to $63.5M. For the year ended December 31, 2012, total net sales increased 13% to $616.7M, with a 15% increase in comparable store sales, and a 12% increase in wholesale net sales.
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November 21, 2014
16:13 EDTAPPAmerican Apparel names Chelsea Grayson as General Counsel
The Board of Directors of American Apparel announced the appointment of Chelsea Grayson as Executive Vice President, General Counsel, and Secretary of the company, effective as of December 15. Tobias S. Keller will continue to serve as Interim General Counsel until Graysonís employment commences, at which time he has agreed to resign from such position. Chelsea Grayson has more than 15 years of experience in private practice as a corporate attorney with the law firms of Jones Day and Loeb & Loeb LLP, where she was a partner in the corporate groups of both firms.
November 14, 2014
13:39 EDTAPPBigger Capital calls for American Apparel's board to be reconstituted
Bigger Capital Fund and the Bigger Family, collectively owning more than 2M shares of American Apparel announced that they have delivered a letter to American Apparel's board. In the letter, Bigger Capital said, We write to you to express our serious and growing concerns with the company and provide the basis for our conviction that the board must be immediately reconstituted to replace David Danzinger and Allan Mayer with direct representatives of American Apparel's minority shareholders... We renew our call for the resignations of Messrs. Danzinger and Mayer for a number of reasons... we are becoming increasingly concerned that the new Board, led by Co-Chairmen Danzinger and Mayer, is not as committed to protect the interests of all shareholders as we had hoped. For example, this Board never bothered to respond to our July 17th letter or address our concerns in any form. At a time when the Company is suffering ever widening losses, is embroiled in a much publicized investigation of its former CEO, is still absorbing changes in its senior executive team, and the stock is taking a beating, the Board has a heightened responsibility to soothe shareholder concerns and assure us that all is being done to protect our investment. Such disregard of minority shareholders especially at this critical time is inexcusable... As things currently stand, American Apparel is continuing to sustain massive losses and erosion of shareholder value persists. The Company has massively underperformed peers on a profitability basis for years... Our expectation is that the Board will immediately engage with us to work constructively towards a solution along the lines laid out in this letter."
November 10, 2014
16:32 EDTAPPAmerican Apparel reports Q3 EPS (11c), consensus (4c)
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