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Stock Market & Financial Investment News

News Breaks
June 19, 2014
05:28 EDTAPPAmerican Apparel CEO suspended, John Luttrell named Interim CEO
The board of American Apparel voted to replace Dov Charney as chairman and notified him of its intent to terminate his employment as president and CEO for cause. It is expected that the termination will be effective following a 30-day cure period required under the terms of Charney’s employment agreement. The board suspended Charney from his positions as president and CEO, effective immediately, pending the expiration of the cure period. At the same time, the board appointed John Luttrell as Interim CEO. Luttrell, who has been with American Apparel since February 2011 and currently serves as executive vice president and CFO, will continue in those positions as well. Also effective immediately, the board appointed Allan Mayer and David Danziger as co-chairmen to replace Charney as chairman of the board. In accordance with the terms of his employment agreement, the board intends to request Charney’s resignation as a member of the board concurrently with the effective time of his termination. Mayer, who has been a member of the board since the company went public in 2007 and has served as its lead independent director for the past three years, said the board’s decision to replace Charney grew out of an ongoing investigation into alleged misconduct. Luttrell said American Apparel would remain committed to its sweatshop-free, Made in USA manufacturing philosophy. As a result of the management changes, the company may have been deemed to have triggered an event of default under its credit agreements and will be in discussions with its lenders for a waiver of the default.
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July 23, 2014
18:05 EDTAPPAmerican Apparel names four new board members, including one woman
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13:13 EDTAPPAmerican Apparel hopes to resolve Dov Charney situation by August, Reuters says
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July 18, 2014
17:25 EDTAPPStandard General working with American Apparel to restructure loan
On July 16, Lion/Hollywood assigned its rights and obligations as a lender under the credit agreement dated as of May 22, 2013 by and among the company, the facility guarantors party thereto, Lion/Hollywood as the initial lender and the other lenders party thereto to Standard General. Standard General purchased the loan in order to resolve any disputes over any alleged events of default under the credit agreement and does not believe that there has been an event of default under the credit agreement. Standard General is working with American Apparel to restructure the loan. As previously discussed on July 11, Standard General is prepared to lend its credibility and capital resources to assist American Apparel in accordance with the support agreement described therein.
July 17, 2014
18:43 EDTAPPAmerican Apparel investor close to buying Lion's $10M loan, Bloomberg says
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09:47 EDTAPPAmerican Apparel shareholders says firm endured 'serious damage' to reputation
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06:47 EDTAPPStandard General plans American Apparel future without ex-CEO, Reuters says
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