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American Apparel restructures board
Embattled retailer American Apparel Inc. is restructuring its board amid rumors that the company is evaluating an offer to sell itself at a hefty premium.
The company, which recently ousted its chief executive and founder Dov Charney, announced that Allan Mayer and David Danziger have stepped down as co-chairmen of the board and will be replaced by board member Colleen B. Brown as chairperson. Mayer and Danziger will continue to serve as members of the board and will retain their positions as chairs of the compensation and audit committees, respectively.
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Buyer interested in American Apparel; board names new chair
Los Angeles – Change is occurring at American Apparel Inc., and it may be coming from external as well as internal sources. The board of directors of American Apparel has confirmed that it has received an indication of interest to acquire the struggling company for $1.30 to $1.40 per share. The identity of the potential buyer has not been disclosed, but in a press release American Apparel said it “takes these matters seriously, and will evaluate this proposal in the ordinary course of business.
