Dive Brief:
- American Apparel reached an agreement between its largest shareholders, including the investment firm Standard General, and founder Dov Charney.
- Terms of the deal include a remake of the board of directors, and $25 million from Standard General to help amp up the company's financial position.
- The retailer has faced considerable turmoil after ousting Charney from the position of CEO last month.
Dive Insight:
The choppy waters American Apparel has weathered recently may finally be smoothing out, giving a considerable amount of relief to (mostly) everyone evolved.
Many are saying that this deal marks a new chapter for the company, but it has yet to be determined whether Dov Charney is to be included. Charney's evolvement with the company is currently in limbo, waiting on the outcome of an investigation into his conduct within the company.
