2:02 pm, August 23rd | by Hillary Reinsberg
For real? Someone wants to help Dov Charney out…again. A billionaire. Ron Burkle, the famous California private equity billionaire is trying to take on American Apparel’s debt. That’s no easy task.
As you’ll recall, American Apparel has faced numerous financial woes this year – but somehow, keeps managing to figure it out. What’s especially odd is that this is the same guy who just shed a bunch of American Apparel shares earlier this year. Why the change of heart?
12:03 pm, June 20th | by Hillary Reinsberg
Time will tell if Dov Charney has in it him to save American Apparel. Of course, it certainly doesn’t help that the hip fashion label has been knee-deep in mostly unsolved financial trouble for the past few months and is on the brink of dissolving.
And, at today’s shareholder meeting, we’ll find out if Charney will get approved to keep the company together at all. Even if he gets the go-ahead, there’s no saying where the money will come from. Sounds like a pretty big mess, huh?
9:54 am, May 11th | by Amy Tennery
When your hipster clothing brand can’t find its feet after a $15 million cash infusion, one might think it’s time to regroup on strategy, right?
That would be the message we’d get, if we were American Apparel CEO Dov Charney. Of course, several obvious principles of business and life seem to be lost on this guy. Let’s run through the list, shall we?
1) If you’re going to base part of your company’s mission on upstanding employment practices, avoid situations where Immigration and Customs Enforcement might, oh, you know remove 1,800 of your employees in a massive immigration bust.
8:05 am, April 25th | by Amy Tennery
American Apparel CEO Dov Charney thinks he knows why his back is against the wall — and no, it’s not because he’s embroiled in a string of sexual harassment lawsuits from ex-staffers or because he mismanaged the heck out of his company — it’s because Americans are nay-sayers. Sure.
“People didn’t believe in Apple — they thought it was a fringe computer company,” Charney told the New York Post. “But it ended up changing the way people listen to music, and changing what daily life feels like worldwide.”
5:00 pm, April 21st | by Hillary Reinsberg
Dov Charney, the founder and CEO of American Apparel and winner of the Mogulite Award For Creepiest CEO, is hanging by a thread (a hip, trendy thread) in an effort to keep his business together. Won’t somebody help this skinny little fellow?
The clothier has been on a downward spiral, having lost $83.6 million in 2010, but Charney’s showing no signs of ceding to Chapter 11. American Apparel’s board has now approved an effort to raise $15 million from private investors, according to Bloomberg Business Week.
Charney has already thrown his own personal cash into his troubled business, which became famous over the past decade for its ubiquitous t-shirts, hoodies and other young, hipster-approved duds, all of which are produced in “sweatshop-free California.” In light of the company’s stock dropping 27 percent in this year to date, Charney wants to expand his business, with the hopes of almost doubling sales in the near future. Raising $15 million in capital certainly won’t hurt, but it’s going to take more than that to save the brand.