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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.
News For APP From The Last 14 Days
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October 22, 2014
06:45 EDTAPPAmerican Apparel brings back creative director Alonzo, WWD reports
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October 15, 2014
17:48 EDTAPPAmerican Apparel to make interest payment on bonds, Bloomberg says
According to sources retail chain American Apparel will make an interest payment on its bonds, says Bloomberg. American Apparel will make a payment of about $13M by today’s due date, added Bloomberg. Reference Link
October 9, 2014
10:50 EDTAPPGap falls after announcing CEO Murphy will step down, weak September sales
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